Kinetik (NASDAQ:KNTK) Price Target Increased to $42.00 by Analysts at Mizuho

Kinetik (NASDAQ:KNTK) had its price target lifted by Mizuho from $39.00 to $42.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also weighed in on KNTK. Royal Bank of Canada started coverage on shares of Kinetik in a research report on Monday, March 25th. They issued an outperform rating and a $40.00 price target for the company. Barclays started coverage on shares of Kinetik in a research report on Monday. They issued an equal weight rating and a $40.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price target on shares of Kinetik from $40.00 to $43.00 and gave the stock an overweight rating in a research report on Wednesday, April 17th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $40.00.

Kinetik Trading Down 1.0 %

Shares of NASDAQ KNTK opened at $38.62 on Tuesday. The firm has a 50 day moving average of $36.89 and a 200 day moving average of $35.25. The firm has a market capitalization of $5.93 billion, a price-to-earnings ratio of 17.09, a price-to-earnings-growth ratio of 2.37 and a beta of 2.80. Kinetik has a 12-month low of $26.32 and a 12-month high of $40.42.

Kinetik (NASDAQ:KNTK) last announced its earnings results on Wednesday, February 28th. The company reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $1.24. The company had revenue of $348.87 million during the quarter, compared to analyst estimates of $301.49 million. Kinetik had a net margin of 28.57% and a negative return on equity of 49.32%. The firm’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.25 earnings per share. Sell-side analysts predict that Kinetik will post 2 EPS for the current year.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Monday, April 29th will be given a dividend of $0.75 per share. The ex-dividend date is Friday, April 26th. This represents a $3.00 annualized dividend and a yield of 7.77%. Kinetik’s dividend payout ratio (DPR) is currently 132.74%.

Insider Buying and Selling at Kinetik

In other Kinetik news, major shareholder Corp Apache sold 13,079,871 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $33.75, for a total transaction of $441,445,646.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Kinetik news, insider Jamie Welch acquired 14,814 shares of the stock in a transaction on Monday, March 18th. The stock was acquired at an average price of $33.75 per share, for a total transaction of $499,972.50. Following the completion of the transaction, the insider now directly owns 3,599,225 shares of the company’s stock, valued at $121,473,843.75. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Corp Apache sold 13,079,871 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $33.75, for a total transaction of $441,445,646.25. The disclosure for this sale can be found here. Insiders sold 13,095,803 shares of company stock worth $442,051,135 over the last 90 days. 3.71% of the stock is owned by insiders.

Institutional Investors Weigh In On Kinetik

Institutional investors have recently made changes to their positions in the company. Ronald Blue Trust Inc. bought a new stake in shares of Kinetik in the 3rd quarter worth about $37,000. Virtu Financial LLC bought a new stake in shares of Kinetik in the 4th quarter worth about $223,000. Principal Financial Group Inc. bought a new stake in shares of Kinetik in the 3rd quarter worth about $232,000. Arizona State Retirement System bought a new stake in shares of Kinetik in the 4th quarter worth about $240,000. Finally, SG Americas Securities LLC bought a new stake in shares of Kinetik in the 3rd quarter worth about $245,000. Institutional investors own 21.11% of the company’s stock.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.