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

Kinetik (NASDAQ:KNTK) had its price objective hoisted by Mizuho from $39.00 to $42.00 in a research report sent to investors on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also recently weighed in on KNTK. JPMorgan Chase & Co. boosted their price target on shares of Kinetik from $40.00 to $43.00 and gave the company an overweight rating in a research report on Wednesday, April 17th. Royal Bank of Canada began coverage on shares of Kinetik in a research report on Monday, March 25th. They set an outperform rating and a $40.00 price target on the stock. Finally, Barclays began coverage on shares of Kinetik in a research report on Monday. They issued an equal weight rating and a $40.00 target price on the stock. Seven 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, Kinetik has a consensus rating of Hold and an average price target of $40.00.

Kinetik Stock Down 1.0 %

Kinetik stock opened at $38.62 on Tuesday. The company has a fifty day simple moving average of $36.89 and a 200-day simple moving average of $35.25. The firm has a market capitalization of $5.93 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 2.37 and a beta of 2.80. Kinetik has a 52-week low of $26.32 and a 52-week high of $40.42.

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

Kinetik Announces Dividend

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

Insiders Place Their Bets

In other Kinetik news, insider Anne Psencik sold 3,182 shares of Kinetik stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $35.57, for a total transaction of $113,183.74. Following the completion of the sale, the insider now directly owns 247,128 shares of the company’s stock, valued at approximately $8,790,342.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Anne Psencik sold 3,182 shares of Kinetik stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $35.57, for a total transaction of $113,183.74. Following the sale, the insider now owns 247,128 shares in the company, valued at $8,790,342.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Matthew Wall sold 5,750 shares of Kinetik stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $39.82, for a total value of $228,965.00. Following the sale, the insider now owns 530,066 shares in the company, valued at approximately $21,107,228.12. The disclosure for this sale can be found here. Insiders sold 13,095,803 shares of company stock valued at $442,051,135 in the last ninety days. Insiders own 3.71% of the company’s stock.

Institutional Trading of Kinetik

A number of hedge funds and other institutional investors have recently made changes to their positions in KNTK. Blackstone Inc. increased its position in shares of Kinetik by 15.9% during the fourth quarter. Blackstone Inc. now owns 10,470,501 shares of the company’s stock worth $349,715,000 after purchasing an additional 1,433,616 shares in the last quarter. Westwood Holdings Group Inc. acquired a new stake in shares of Kinetik during the fourth quarter worth about $31,589,000. Chickasaw Capital Management LLC increased its position in shares of Kinetik by 217.0% during the fourth quarter. Chickasaw Capital Management LLC now owns 722,326 shares of the company’s stock worth $24,126,000 after purchasing an additional 494,453 shares in the last quarter. Cohen & Steers Inc. increased its position in shares of Kinetik by 97.5% during the fourth quarter. Cohen & Steers Inc. now owns 762,940 shares of the company’s stock worth $25,482,000 after purchasing an additional 376,732 shares in the last quarter. Finally, Ghisallo Capital Management LLC acquired a new stake in shares of Kinetik during the fourth quarter worth about $7,181,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

About Kinetik

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.