Kinetik (NASDAQ:KNTK) Price Target Raised to $61.00 at Barclays

Kinetik (NASDAQ:KNTK) had its price objective increased by Barclays from $47.00 to $61.00 in a research report sent to investors on Monday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other research analysts have also recently commented on the stock. Wells Fargo & Company boosted their target price on shares of Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Royal Bank of Canada boosted their price objective on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Scotiabank started coverage on Kinetik in a research note on Friday. They set a “sector outperform” rating and a $64.00 target price for the company. The Goldman Sachs Group lifted their target price on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Finally, Mizuho increased their price target on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Kinetik currently has an average rating of “Moderate Buy” and a consensus target price of $56.75.

Kinetik Trading Up 0.3 %

Shares of NASDAQ KNTK opened at $60.62 on Monday. The stock has a fifty day moving average price of $57.44 and a 200 day moving average price of $49.21. Kinetik has a 12-month low of $31.73 and a 12-month high of $62.55. The company has a market cap of $9.55 billion, a P/E ratio of 22.37, a P/E/G ratio of 2.85 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last announced its earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.10). The company had revenue of $396.40 million for the quarter, compared to analysts’ expectations of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.21 earnings per share. On average, sell-side analysts forecast that Kinetik will post 1.35 EPS for the current fiscal year.

Kinetik Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were paid a dividend of $0.78 per share. The ex-dividend date was Monday, October 28th. This represents a $3.12 annualized dividend and a yield of 5.15%. This is a boost from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio is presently 115.13%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in KNTK. GAMMA Investing LLC lifted its stake in Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after purchasing an additional 213 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in shares of Kinetik in the 3rd quarter worth about $46,000. Blue Trust Inc. boosted its holdings in shares of Kinetik by 244.9% in the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after buying an additional 2,699 shares during the period. CWM LLC grew its position in shares of Kinetik by 2,030.9% during the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after buying an additional 3,615 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in Kinetik during the second quarter worth about $187,000. 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.