Royal Bank of Canada Boosts Kinetik (NASDAQ:KNTK) Price Target to $46.00

Kinetik (NASDAQ:KNTK) had its price target hoisted by Royal Bank of Canada from $43.00 to $46.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an outperform rating on the stock.

Other equities research analysts have also issued reports about the stock. Mizuho raised their price objective on shares of Kinetik from $39.00 to $42.00 and gave the company a buy rating in a report on Tuesday, April 23rd. JPMorgan Chase & Co. increased their target price 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. Barclays reaffirmed an equal weight rating and issued a $43.00 target price on shares of Kinetik in a research report on Wednesday, July 10th. Wells Fargo & Company increased their target price on shares of Kinetik from $37.00 to $40.00 and gave the company an equal weight rating in a research report on Tuesday, May 14th. Finally, Scotiabank increased their target price on shares of Kinetik from $42.00 to $48.00 and gave the company a sector outperform rating in a research report on Tuesday, July 2nd. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Kinetik currently has an average rating of Moderate Buy and a consensus target price of $42.00.

Kinetik Stock Down 0.3 %

Kinetik stock opened at $43.52 on Thursday. The firm has a market cap of $6.69 billion, a PE ratio of 17.84, a price-to-earnings-growth ratio of 2.58 and a beta of 2.96. Kinetik has a 52-week low of $31.31 and a 52-week high of $45.27. The company’s 50 day moving average is $41.67 and its two-hundred day moving average is $38.95.

Kinetik (NASDAQ:KNTK) last released its earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.11. Kinetik had a net margin of 29.62% and a negative return on equity of 48.03%. The company had revenue of $359.50 million for the quarter, compared to analyst estimates of $305.94 million. During the same period in the prior year, the business earned $0.41 EPS. The firm’s quarterly revenue was up 21.4% on a year-over-year basis. On average, equities research analysts anticipate that Kinetik will post 1.15 earnings per share for the current fiscal year.

Kinetik Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 7th. Shareholders of record on Monday, July 29th were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 6.89%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik’s payout ratio is currently 122.95%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Arizona State Retirement System purchased a new stake in shares of Kinetik in the fourth quarter valued at about $240,000. New York State Common Retirement Fund boosted its holdings in shares of Kinetik by 11.5% in the fourth quarter. New York State Common Retirement Fund now owns 19,424 shares of the company’s stock valued at $649,000 after acquiring an additional 2,004 shares in the last quarter. Fractal Investments LLC purchased a new stake in shares of Kinetik in the fourth quarter valued at about $919,000. Russell Investments Group Ltd. boosted its holdings in shares of Kinetik by 57,438.9% in the fourth quarter. Russell Investments Group Ltd. now owns 31,071 shares of the company’s stock valued at $1,038,000 after acquiring an additional 31,017 shares in the last quarter. Finally, Swiss National Bank boosted its holdings in shares of Kinetik by 26.2% in the fourth quarter. Swiss National Bank now owns 50,600 shares of the company’s stock valued at $1,690,000 after acquiring an additional 10,500 shares in the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.