Kinetik (NYSE:KNTK) PT Set at $48.00 by Barclays

Barclays set a $48.00 price objective on Kinetik (NYSE:KNTK - Free Report) in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has an equal weight rating on the stock.

Several other brokerages have also commented on KNTK. Citigroup upgraded shares of Kinetik from a "neutral" rating to a "buy" rating and dropped their price target for the company from $58.00 to $55.00 in a research note on Tuesday, May 20th. UBS Group initiated coverage on Kinetik in a research report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price target for the company. US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Wells Fargo & Company cut their price objective on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Friday, February 28th. Finally, Royal Bank of Canada decreased their target price on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Four investment 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 has an average rating of "Moderate Buy" and an average target price of $57.11.

Kinetik Trading Up 1.0%

NYSE KNTK traded up $0.43 during mid-day trading on Tuesday, reaching $44.84. 764,631 shares of the company's stock traded hands. The firm's fifty day simple moving average is $45.40 and its two-hundred day simple moving average is $54.20. The stock has a market capitalization of $7.07 billion, a P/E ratio of 47.20 and a beta of 3.03.

Kinetik (NYSE:KNTK - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). The firm had revenue of $443.26 million during the quarter, compared to analyst estimates of $466.54 million. During the same period last year, the business earned $0.12 EPS. The company's revenue was up 29.8% on a year-over-year basis.

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were given a $0.78 dividend. The ex-dividend date of this dividend was Friday, April 25th. This represents a $3.12 annualized dividend and a yield of 6.96%. Kinetik's dividend payout ratio (DPR) is currently 328.42%.

Insider Buying and Selling at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the firm's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total value of $219,873,736.53. Following the completion of the sale, the insider now owns 1,044,520 shares in the company, valued at approximately $58,106,647.60. This trade represents a 79.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 3.83% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Zimmer Partners LP bought a new position in Kinetik during the first quarter worth about $102,124,000. Westwood Holdings Group Inc. grew its holdings in shares of Kinetik by 78.3% in the 4th quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company's stock valued at $61,429,000 after acquiring an additional 475,606 shares in the last quarter. Pictet Asset Management Holding SA grew its stake in Kinetik by 8,475.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company's stock valued at $24,442,000 after purchasing an additional 425,977 shares in the last quarter. HITE Hedge Asset Management LLC bought a new stake in Kinetik during the first quarter worth $18,608,000. Finally, Prudential Financial Inc. grew its position in shares of Kinetik by 391.1% in the 4th quarter. Prudential Financial Inc. now owns 392,343 shares of the company's stock valued at $22,250,000 after acquiring an additional 312,458 shares during the period. 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. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.