Mizuho Cuts Kinetik (NYSE:KNTK) Price Target to $57.00

Kinetik (NYSE:KNTK) had its price target reduced by Mizuho from $61.00 to $57.00 in a research note published on Tuesday,Benzinga reports. Mizuho currently has an outperform rating on the stock.

Other analysts also recently issued research reports about the company. Scotiabank boosted their price objective on Kinetik from $54.00 to $57.00 and gave the company a “sector outperform” rating in a research report on Thursday, June 5th. Wall Street Zen downgraded Kinetik from a “hold” rating to a “sell” rating in a research report on Tuesday, June 17th. Royal Bank Of Canada lowered their price objective on Kinetik from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, May 30th. US Capital Advisors upgraded Kinetik from a “hold” rating to a “moderate buy” rating in a research report on Monday, April 7th. Finally, Citigroup restated a “buy” rating on shares of Kinetik in a report on Tuesday, June 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.56.

Kinetik Stock Up 2.9%

KNTK stock opened at $41.42 on Tuesday. The firm has a market capitalization of $6.54 billion, a PE ratio of 43.60 and a beta of 3.00. Kinetik has a twelve month low of $37.85 and a twelve month high of $67.60. The stock has a 50-day simple moving average of $43.73 and a two-hundred day simple moving average of $50.50.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.24). The business had revenue of $443.26 million for the quarter, compared to the consensus estimate of $466.54 million. Kinetik had a net margin of 10.74% and a negative return on equity of 8.05%. The business’s revenue was up 29.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.12 EPS.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, July 25th will be given a dividend of $0.78 per share. The ex-dividend date is Friday, July 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.53%. Kinetik’s dividend payout ratio (DPR) is presently 328.42%.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the transaction, the insider owned 1 shares of the company’s stock, valued at approximately $44.16. This represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Illinois Municipal Retirement Fund bought a new position in shares of Kinetik in the first quarter worth about $615,000. Catalyst Capital Advisors LLC grew its position in shares of Kinetik by 10.2% during the first quarter. Catalyst Capital Advisors LLC now owns 270,487 shares of the company’s stock worth $14,049,000 after purchasing an additional 24,933 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new stake in shares of Kinetik during the first quarter worth about $970,000. SG Americas Securities LLC purchased a new stake in shares of Kinetik during the first quarter worth about $647,000. Finally, KBC Group NV purchased a new stake in shares of Kinetik during the first quarter worth about $95,000. Institutional investors own 21.11% of the company’s stock.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.