Mizuho Cuts Kinetik (NYSE:KNTK) Price Target to $57.00

Kinetik (NYSE:KNTK - Free Report) had its price objective reduced by Mizuho from $61.00 to $57.00 in a research report released on Tuesday,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts have also issued reports on KNTK. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Citigroup restated a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Scotiabank boosted their price target on Kinetik from $54.00 to $57.00 and gave the company a "sector outperform" rating in a research note on Thursday, June 5th. UBS Group assumed coverage on Kinetik in a research note on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price target on the stock. Finally, Wall Street Zen lowered Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $55.56.

Kinetik Stock Performance

Shares of Kinetik stock traded up $1.25 during trading on Tuesday, reaching $42.76. The company's stock had a trading volume of 1,451,383 shares, compared to its average volume of 1,036,170. The business's fifty day moving average price is $43.71 and its 200-day moving average price is $50.39. The firm has a market cap of $6.75 billion, a price-to-earnings ratio of 45.01 and a beta of 3.00. Kinetik has a one year low of $37.85 and a one year high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). The business had revenue of $443.26 million during the quarter, compared to the consensus estimate of $466.54 million. Kinetik had a negative return on equity of 8.05% and a net margin of 10.74%. The company's revenue for the quarter was up 29.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 earnings per share.

Kinetik Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, July 25th will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 7.30%. The ex-dividend date is Friday, July 25th. Kinetik's payout ratio is currently 328.42%.

Insider Activity at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the transaction, the insider directly owned 1 shares of the company's stock, valued at $44.16. The trade was a 100.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.83% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Bell Investment Advisors Inc acquired a new position in shares of Kinetik in the 1st quarter valued at $41,000. Comerica Bank increased its holdings in Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after purchasing an additional 195 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Kinetik by 141.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock worth $59,000 after buying an additional 664 shares during the last quarter. Sterling Capital Management LLC boosted its stake in shares of Kinetik by 789.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock worth $62,000 after buying an additional 971 shares during the last quarter. Finally, EverSource Wealth Advisors LLC acquired a new position in shares of Kinetik during the 4th quarter worth about $67,000. Institutional investors and hedge funds own 21.11% of the company's stock.

About Kinetik

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.