Mizuho Has Lowered Expectations for Kinetik (NYSE:KNTK) Stock Price

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

Several other research analysts have also issued reports on the company. UBS Group initiated coverage on Kinetik in a research report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 target price on the stock. Royal Bank Of Canada lowered their price target on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a research report on Friday, May 30th. Citigroup reissued a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Scotiabank boosted their target price on shares of Kinetik from $54.00 to $57.00 and gave the stock a "sector outperform" rating in a research note on Thursday, June 5th. Finally, Barclays set a $43.00 price objective on Kinetik and gave the company an "equal weight" rating in a research note on Monday, July 14th. One equities 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's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $55.56.

Kinetik Stock Performance

Shares of KNTK stock traded up $1.25 during mid-day trading on Tuesday, reaching $42.76. 1,451,383 shares of the company's stock traded hands, compared to its average volume of 1,309,411. Kinetik has a 12 month low of $37.85 and a 12 month high of $67.60. The firm has a market capitalization of $6.75 billion, a PE ratio of 45.01 and a beta of 3.00. The firm has a 50 day moving average price of $43.73 and a two-hundred day moving average price of $50.19.

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

Kinetik Announces Dividend

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

Insiders Place Their Bets

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the firm's stock in a transaction 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 completion of the sale, the insider owned 1 shares of the company's stock, valued at $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 3.83% of the company's stock.

Institutional Investors Weigh In On Kinetik

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Kinetik by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company's stock worth $226,967,000 after purchasing an additional 72,760 shares during the period. Zimmer Partners LP bought a new stake in shares of Kinetik during the first quarter worth $102,124,000. Invesco Ltd. boosted its position in shares of Kinetik by 3.0% during the fourth quarter. Invesco Ltd. now owns 1,247,843 shares of the company's stock worth $70,765,000 after buying an additional 36,362 shares during the period. Westwood Holdings Group Inc. lifted its position in Kinetik by 4.0% during the 1st quarter. Westwood Holdings Group Inc. now owns 1,126,832 shares of the company's stock worth $58,528,000 after buying an additional 43,619 shares in the last quarter. Finally, Kayne Anderson Capital Advisors LP increased its position in shares of Kinetik by 4.4% during the 1st quarter. Kayne Anderson Capital Advisors LP now owns 830,122 shares of the company's stock worth $43,117,000 after purchasing an additional 34,811 shares during the last quarter. Institutional investors 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.