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

Kinetik (NASDAQ:KNTK) had its price objective raised by The Goldman Sachs Group from $46.00 to $61.00 in a research report sent to investors on Thursday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

A number of other research analysts also recently commented on the company. Citigroup increased their target price on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Mizuho lifted their price objective on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Barclays increased their target price on shares of Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Royal Bank of Canada boosted their price objective on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company increased their price objective on shares of Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Kinetik Stock Up 5.8 %

Shares of NASDAQ:KNTK opened at $57.76 on Thursday. The company has a market capitalization of $9.10 billion, a price-to-earnings ratio of 21.31, a price-to-earnings-growth ratio of 2.83 and a beta of 2.95. The company has a 50 day moving average of $54.90 and a two-hundred day moving average of $47.21. Kinetik has a 52-week low of $31.73 and a 52-week high of $62.55.

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

Kinetik Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were given a $0.78 dividend. This is a boost from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date was Monday, October 28th. This represents a $3.12 annualized dividend and a yield of 5.40%. Kinetik’s dividend payout ratio is 115.13%.

Institutional Investors Weigh In On Kinetik

Hedge funds have recently made changes to their positions in the business. Ashton Thomas Securities LLC acquired a new stake in Kinetik in the 3rd quarter valued at approximately $46,000. Blue Trust Inc. increased its holdings in shares of Kinetik by 244.9% during the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after purchasing an additional 2,699 shares during the period. CWM LLC raised its stake in shares of Kinetik by 2,030.9% during the third quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after purchasing an additional 3,615 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Kinetik in the second quarter worth about $187,000. Finally, Covestor Ltd grew its position in Kinetik by 13,790.0% in the 3rd quarter. Covestor Ltd now owns 4,167 shares of the company’s stock valued at $189,000 after buying an additional 4,137 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

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.