Barclays Begins Coverage on Kinetik (NASDAQ:KNTK)

Barclays began coverage on shares of Kinetik (NASDAQ:KNTK) in a research note issued to investors on Monday, Marketbeat Ratings reports. The brokerage issued an equal weight rating and a $40.00 price objective on the stock.

A number of other research firms have also recently commented on KNTK. JPMorgan Chase & Co. upped their price objective 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 issued an outperform rating and a $40.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Kinetik presently has a consensus rating of Hold and an average target price of $40.00.

Kinetik Stock Performance

NASDAQ:KNTK opened at $39.15 on Monday. The stock’s fifty day moving average price is $36.89 and its two-hundred day moving average price is $35.25. Kinetik has a 52-week low of $26.32 and a 52-week high of $40.42. The company has a market cap of $6.02 billion, a price-to-earnings ratio of 17.32, a P/E/G ratio of 2.38 and a beta of 2.80.

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

Kinetik Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Monday, April 29th will be issued a dividend of $0.75 per share. The ex-dividend date is Friday, April 26th. This represents a $3.00 annualized dividend and a dividend yield of 7.66%. Kinetik’s dividend payout ratio is presently 132.74%.

Insider Transactions at Kinetik

In other Kinetik news, insider Jamie Welch bought 14,814 shares of the stock in a transaction dated Monday, March 18th. The shares were bought at an average cost of $33.75 per share, with a total value of $499,972.50. Following the completion of the acquisition, the insider now owns 3,599,225 shares of the company’s stock, valued at $121,473,843.75. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Jamie Welch acquired 14,814 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were acquired at an average cost of $33.75 per share, with a total value of $499,972.50. Following the completion of the purchase, the insider now directly owns 3,599,225 shares of the company’s stock, valued at approximately $121,473,843.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anne Psencik sold 3,182 shares of Kinetik stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $35.57, for a total transaction of $113,183.74. Following the completion of the transaction, the insider now directly owns 247,128 shares in the company, valued at $8,790,342.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,095,803 shares of company stock valued at $442,051,135. 3.71% of the stock is currently owned by company insiders.

Institutional Trading of Kinetik

A number of hedge funds have recently added to or reduced their stakes in KNTK. Ronald Blue Trust Inc. acquired a new position in shares of Kinetik during the third quarter worth $37,000. Virtu Financial LLC acquired a new position in Kinetik in the fourth quarter valued at $223,000. Principal Financial Group Inc. acquired a new position in Kinetik in the third quarter valued at $232,000. Arizona State Retirement System acquired a new position in Kinetik in the fourth quarter valued at $240,000. Finally, SG Americas Securities LLC acquired a new position in Kinetik in the third quarter valued at $245,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.