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

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

A number of other research firms have also issued reports on KNTK. JPMorgan Chase & Co. raised their target price on shares of Kinetik from $40.00 to $43.00 and gave the company an overweight rating in a research note on Wednesday, April 17th. Barclays initiated coverage on shares of Kinetik in a research note on Monday, April 22nd. They issued an equal weight rating and a $40.00 target price on the stock. Finally, Royal Bank of Canada initiated coverage on shares of Kinetik in a research note on Monday, March 25th. They issued an outperform rating and a $40.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Kinetik has a consensus rating of Hold and a consensus price target of $40.00.

Kinetik Stock Up 1.5 %

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

Kinetik (NASDAQ:KNTK) last released its quarterly earnings results on Wednesday, February 28th. The company reported $1.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $1.24. The business 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%. Kinetik’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.25 EPS. On average, research analysts anticipate that Kinetik will post 2 EPS for the current year.

Kinetik Dividend Announcement

The firm also recently disclosed 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. This represents a $3.00 dividend on an annualized basis and a dividend yield of 7.69%. The ex-dividend date is Friday, April 26th. Kinetik’s payout ratio is 132.74%.

Insider Transactions at Kinetik

In other news, major shareholder Corp Apache sold 13,079,871 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $33.75, for a total transaction of $441,445,646.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, major shareholder Corp Apache sold 13,079,871 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $33.75, for a total transaction of $441,445,646.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Matthew Wall sold 5,750 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $39.82, for a total transaction of $228,965.00. Following the transaction, the insider now directly owns 530,066 shares of the company’s stock, valued at $21,107,228.12. The disclosure for this sale can be found here. In the last three months, insiders sold 13,095,803 shares of company stock valued at $442,051,135. Company insiders own 3.71% of the company’s stock.

Hedge Funds Weigh In On Kinetik

Several institutional investors have recently added to or reduced their stakes in the company. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in Kinetik by 200.9% during the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 338,373 shares of the company’s stock valued at $13,491,000 after purchasing an additional 225,918 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted 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 valued at $2,525,000 after purchasing an additional 1,000 shares during the last quarter. Miller Howard Investments Inc. NY bought a new position in Kinetik during the 1st quarter valued at about $2,927,000. Virtu Financial LLC bought a new position in Kinetik during the 4th quarter valued at about $223,000. Finally, Blackstone Inc. lifted its holdings in Kinetik by 15.9% during the 4th quarter. Blackstone Inc. now owns 10,470,501 shares of the company’s stock valued at $349,715,000 after purchasing an additional 1,433,616 shares during the last quarter. 21.11% of the stock is owned by institutional investors.

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.