Kinetik (NASDAQ:KNTK) Earns Sector Outperform Rating from Analysts at Scotiabank

Scotiabank assumed coverage on shares of Kinetik (NASDAQ:KNTK) in a report issued on Friday morning, MarketBeat Ratings reports. The firm issued a sector outperform rating and a $64.00 target price on the stock.

Several other research analysts have also recently weighed in on KNTK. Citigroup lifted their price target on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Royal Bank of Canada lifted their target price on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company boosted their price target on Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Mizuho raised their price objective on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Finally, The Goldman Sachs Group boosted their price objective on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $55.00.

Kinetik Stock Performance

Kinetik stock opened at $60.43 on Friday. The stock has a fifty day moving average of $57.18 and a 200 day moving average of $48.95. The stock has a market cap of $9.52 billion, a PE ratio of 22.30, a price-to-earnings-growth ratio of 2.85 and a beta of 2.91. Kinetik has a one year low of $31.73 and a one year high of $62.55.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.10). The business had revenue of $396.40 million for the quarter, compared to analysts’ expectations of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. Kinetik’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.21 EPS. As a group, sell-side analysts predict that Kinetik will post 1.35 EPS for the current fiscal year.

Kinetik Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 5.16%. The ex-dividend date was Monday, October 28th. This is an increase from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio (DPR) is 115.13%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. HITE Hedge Asset Management LLC purchased a new position in shares of Kinetik in the second quarter worth $13,550,000. Renaissance Technologies LLC lifted its stake in Kinetik by 88.3% in the 2nd quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock worth $26,271,000 after purchasing an additional 297,200 shares in the last quarter. Merewether Investment Management LP boosted its holdings in shares of Kinetik by 56.6% during the 3rd quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock valued at $29,976,000 after purchasing an additional 239,500 shares during the last quarter. Gilman Hill Asset Management LLC grew its position in shares of Kinetik by 551.6% during the third quarter. Gilman Hill Asset Management LLC now owns 244,524 shares of the company’s stock valued at $11,067,000 after purchasing an additional 206,999 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of Kinetik by 196.0% in the second quarter. Marshall Wace LLP now owns 302,892 shares of the company’s stock worth $12,552,000 after purchasing an additional 200,572 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors.

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.