Kinetik (NASDAQ:KNTK) Price Target Raised to $42.00 at Mizuho

Kinetik (NASDAQ:KNTK - Free Report) had its target price raised by Mizuho from $39.00 to $42.00 in a research report released on Tuesday, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also recently weighed in on KNTK. Royal Bank of Canada started coverage on shares of Kinetik in a research note on Monday, March 25th. They issued an outperform rating and a $40.00 target price for the company. 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 note on Wednesday, April 17th. Finally, Barclays initiated coverage on shares of Kinetik in a research note on Monday. They issued an equal weight rating and a $40.00 target price for the company. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Kinetik has a consensus rating of Hold and a consensus price target of $40.00.

Kinetik Price Performance

NASDAQ:KNTK traded down $0.46 during trading hours on Tuesday, reaching $38.56. The company's stock had a trading volume of 533,912 shares, compared to its average volume of 570,677. The company has a market cap of $5.92 billion, a price-to-earnings ratio of 17.10, a price-to-earnings-growth ratio of 2.37 and a beta of 2.80. Kinetik has a one year low of $26.32 and a one year high of $40.42. The business's 50-day moving average is $36.76 and its 200-day moving average is $35.21.

Kinetik (NASDAQ:KNTK - Get Free Report) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $1.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.46 by $1.24. Kinetik had a net margin of 28.57% and a negative return on equity of 49.32%. The firm had revenue of $348.87 million during the quarter, compared to analysts' expectations of $301.49 million. During the same period in the prior year, the company posted $0.25 earnings per share. Kinetik's revenue for the quarter was up 18.1% on a year-over-year basis. On average, sell-side analysts predict that Kinetik will post 2 EPS for the current fiscal year.

Kinetik Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Monday, April 29th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Friday, April 26th. This represents a $3.00 annualized dividend and a yield of 7.78%. Kinetik's dividend payout ratio is currently 132.74%.

Insiders Place Their Bets

In other Kinetik news, insider Matthew Wall sold 5,750 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $39.82, for a total value of $228,965.00. Following the completion of the sale, the insider now directly owns 530,066 shares in the company, valued at $21,107,228.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Jamie Welch bought 14,814 shares of Kinetik stock in a transaction that occurred on Monday, March 18th. The stock was purchased at an average cost of $33.75 per share, with a total value of $499,972.50. Following the purchase, the insider now owns 3,599,225 shares in the company, valued at $121,473,843.75. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Matthew Wall sold 5,750 shares of Kinetik stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $39.82, for a total value of $228,965.00. Following the completion of the sale, the insider now directly owns 530,066 shares in the company, valued at approximately $21,107,228.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,095,803 shares of company stock worth $442,051,135. Company insiders own 3.71% of the company's stock.

Hedge Funds Weigh In On Kinetik

Several hedge funds have recently modified their holdings of the stock. Blackstone Inc. lifted its stake in Kinetik by 15.9% in the 4th quarter. Blackstone Inc. now owns 10,470,501 shares of the company's stock valued at $349,715,000 after purchasing an additional 1,433,616 shares during the last quarter. Westwood Holdings Group Inc. bought a new stake in Kinetik in the fourth quarter valued at approximately $31,589,000. Chickasaw Capital Management LLC lifted its position in shares of Kinetik by 217.0% in the fourth quarter. Chickasaw Capital Management LLC now owns 722,326 shares of the company's stock valued at $24,126,000 after buying an additional 494,453 shares during the last quarter. Cohen & Steers Inc. boosted its stake in shares of Kinetik by 97.5% during the 4th quarter. Cohen & Steers Inc. now owns 762,940 shares of the company's stock worth $25,482,000 after acquiring an additional 376,732 shares during the period. Finally, Ghisallo Capital Management LLC acquired a new position in shares of Kinetik during the 4th quarter worth approximately $7,181,000. 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. 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.