Citigroup lowered shares of Kinetik (NASDAQ:KNTK – Free Report) from a buy rating to a neutral rating in a research report report published on Wednesday, MarketBeat reports. The firm currently has $34.00 price target on the stock.
KNTK has been the topic of a number of other reports. Jonestrading started coverage on Kinetik in a research note on Wednesday, August 2nd. They set a buy rating and a $43.00 price target on the stock. Morgan Stanley reissued an equal weight rating and issued a $41.00 price objective on shares of Kinetik in a research note on Tuesday, July 18th. Scotiabank increased their price objective on Kinetik from $37.00 to $39.00 and gave the stock an outperform rating in a research note on Tuesday, August 29th. Mizuho increased their price objective on Kinetik from $37.00 to $39.00 and gave the stock a buy rating in a research note on Friday, July 21st. Finally, US Capital Advisors downgraded Kinetik from an overweight rating to a hold rating in a research note on Thursday, August 17th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $39.29.
Kinetik Price Performance
Kinetik (NASDAQ:KNTK – Get Free Report) last posted its quarterly earnings results on Monday, August 7th. The company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.09. Kinetik had a negative return on equity of 13.23% and a net margin of 8.88%. The business had revenue of $296.20 million for the quarter, compared to the consensus estimate of $296.33 million. On average, sell-side analysts expect that Kinetik will post 1.55 EPS for the current fiscal year.
Kinetik Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 16th. Shareholders of record on Friday, August 4th were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 8.98%. The ex-dividend date was Thursday, August 3rd. Kinetik’s dividend payout ratio (DPR) is 182.93%.
Insider Buying and Selling at Kinetik
In other news, insider Jamie Welch acquired 8,125 shares of Kinetik stock in a transaction on Monday, August 21st. The stock was acquired at an average cost of $35.24 per share, with a total value of $286,325.00. Following the completion of the acquisition, the insider now owns 3,337,273 shares in the company, valued at $117,605,500.52. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.62% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Kinetik
A number of large investors have recently made changes to their positions in KNTK. Vanguard Group Inc. purchased a new stake in shares of Kinetik in the third quarter worth $50,663,000. BlackRock Inc. bought a new stake in Kinetik during the third quarter worth about $47,428,000. Ameriprise Financial Inc. lifted its stake in shares of Kinetik by 1,445.5% in the 1st quarter. Ameriprise Financial Inc. now owns 352,365 shares of the company’s stock valued at $11,029,000 after acquiring an additional 329,565 shares during the last quarter. Victory Capital Management Inc. bought a new stake in shares of Kinetik in the 1st quarter valued at about $10,234,000. Finally, State Street Corp bought a new stake in shares of Kinetik in the 3rd quarter valued at about $10,566,000.
Kinetik Company Profile
Kinetik Holdings, Inc provides oil and gas production and distribution services. It operates through the Midstream Logistics and Pipeline Transportation segments. The Midstream Logistics segment is involved in the following service offerings: gas gathering and processing, crude oil gathering, stabilization and storage services, and water gathering and disposal.
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