Kinetik (NASDAQ:KNTK) Price Target Lowered to $61.00 at Mizuho

Kinetik (NASDAQ:KNTK) had its price target reduced by Mizuho from $70.00 to $61.00 in a research note issued to investors on Tuesday,Benzinga reports. Mizuho currently has an outperform rating on the stock.

Other equities analysts also recently issued reports about the stock. Barclays decreased their price objective on shares of Kinetik from $58.00 to $48.00 and set an “equal weight” rating on the stock in a report on Tuesday. UBS Group assumed coverage on shares of Kinetik in a research report on Tuesday, April 29th. They issued a “neutral” rating and a $49.00 target price for the company. Scotiabank reduced their price objective on Kinetik from $57.00 to $54.00 and set a “sector outperform” rating on the stock in a research report on Monday, May 12th. Royal Bank of Canada cut their target price on Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Finally, Citigroup upgraded shares of Kinetik from a “neutral” rating to a “buy” rating and decreased their target price for the company from $58.00 to $55.00 in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.11.

Kinetik Trading Up 2.6%

Shares of NASDAQ:KNTK opened at $46.13 on Tuesday. The company’s 50 day moving average is $45.94 and its 200 day moving average is $54.32. Kinetik has a twelve month low of $37.85 and a twelve month high of $67.60. The company has a market cap of $7.28 billion, a PE ratio of 17.02, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03.

Kinetik (NASDAQ:KNTK) last issued its earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.24). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company had revenue of $443.26 million during the quarter, compared to analysts’ expectations of $466.54 million. During the same quarter in the previous year, the company earned $0.12 EPS. The firm’s quarterly revenue was up 29.8% compared to the same quarter last year. Equities research analysts predict that Kinetik will post 1.96 earnings per share for the current fiscal year.

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 6.76%. The ex-dividend date of this dividend was Friday, April 25th. Kinetik’s payout ratio is currently 328.42%.

Insider Activity at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $52.66, for a total value of $55,004,370.54. Following the sale, the insider now owns 657,583 shares of the company’s stock, valued at $34,628,320.78. The trade was a 61.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.83% of the stock is owned by insiders.

Institutional Trading of Kinetik

Hedge funds have recently modified their holdings of the business. Fifth Third Bancorp purchased a new position in Kinetik in the fourth quarter valued at about $26,000. Canton Hathaway LLC acquired a new stake in Kinetik in the 4th quarter valued at about $28,000. Rialto Wealth Management LLC purchased a new position in Kinetik during the 4th quarter valued at about $34,000. Bell Investment Advisors Inc acquired a new stake in shares of Kinetik in the first quarter valued at approximately $41,000. Finally, Comerica Bank increased its stake in shares of Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock worth $45,000 after purchasing an additional 195 shares in the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

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.