Kinetik (NASDAQ:KNTK) Given New $42.00 Price Target at Mizuho

Kinetik (NASDAQ:KNTK) had its target price increased by Mizuho from $39.00 to $42.00 in a research note published on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the stock. Royal Bank of Canada began coverage on shares of Kinetik in a research note on Monday, March 25th. They set an outperform rating and a $40.00 price objective on the stock. JPMorgan Chase & Co. increased their price objective on shares of Kinetik from $40.00 to $43.00 and gave the stock an overweight rating in a research note on Wednesday, April 17th. Finally, Barclays initiated coverage on shares of Kinetik in a report on Monday, April 22nd. They issued an equal weight rating and a $40.00 target price for the company. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Kinetik currently has an average rating of Hold and an average price target of $40.00.

Kinetik Stock Up 1.5 %

Shares of Kinetik stock opened at $39.03 on Tuesday. The company has a market capitalization of $6.00 billion, a price-to-earnings ratio of 17.27, a PEG ratio of 2.39 and a beta of 2.80. Kinetik has a 12-month low of $26.32 and a 12-month high of $40.42. The firm’s 50-day moving average price is $37.15 and its two-hundred day moving average price is $35.30.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $1.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 28.57% and a negative return on equity of 49.32%. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.25 earnings per share. On average, sell-side analysts expect that Kinetik will post 2 earnings per share for the current year.

Kinetik Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Monday, April 29th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Friday, April 26th. This represents a $3.00 dividend on an annualized basis and a yield of 7.69%. Kinetik’s dividend payout ratio (DPR) is presently 132.74%.

Insider Activity at Kinetik

In other Kinetik news, insider Jamie Welch acquired 14,814 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was acquired at an average price of $33.75 per share, for a total transaction of $499,972.50. Following the acquisition, the insider now directly owns 3,599,225 shares in the company, valued at $121,473,843.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Matthew Wall sold 5,750 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $39.82, for a total value of $228,965.00. Following the completion of the transaction, the insider now owns 530,066 shares in the company, valued at approximately $21,107,228.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jamie Welch acquired 14,814 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was acquired at an average price of $33.75 per share, with a total value of $499,972.50. Following the acquisition, the insider now owns 3,599,225 shares in the company, valued at $121,473,843.75. The disclosure for this purchase can be found here. Insiders sold a total of 13,095,803 shares of company stock worth $442,051,135 in the last quarter. 3.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. raised its holdings in Kinetik by 1.6% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 63,335 shares of the company’s stock worth $2,525,000 after purchasing an additional 1,000 shares during the last quarter. Ronald Blue Trust Inc. bought a new position in Kinetik during the 3rd quarter worth approximately $37,000. Deutsche Bank AG raised its holdings in Kinetik by 5.4% during the 3rd quarter. Deutsche Bank AG now owns 22,401 shares of the company’s stock worth $756,000 after purchasing an additional 1,149 shares during the last quarter. Pacer Advisors Inc. raised its holdings in Kinetik by 5.6% during the 4th quarter. Pacer Advisors Inc. now owns 23,689 shares of the company’s stock worth $791,000 after purchasing an additional 1,260 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in Kinetik by 19.1% during the 4th quarter. SG Americas Securities LLC now owns 8,638 shares of the company’s stock worth $289,000 after purchasing an additional 1,383 shares during the last quarter. Institutional investors 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.