Kinetik (NASDAQ:KNTK) PT Raised to $43.00

Kinetik (NASDAQ:KNTK) had its target price increased by JPMorgan Chase & Co. from $40.00 to $43.00 in a report published on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

KNTK has been the topic of a number of other research reports. Citigroup reissued a neutral rating and issued a $35.00 price target on shares of Kinetik in a research note on Tuesday, December 19th. Royal Bank of Canada began coverage on Kinetik in a research report on Monday, March 25th. They set an outperform rating and a $40.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of Hold and an average target price of $39.67.

Kinetik Trading Up 0.8 %

Shares of KNTK opened at $38.92 on Wednesday. The business’s 50-day moving average price is $36.64 and its 200 day moving average price is $35.12. The stock has a market capitalization of $5.98 billion, a P/E ratio of 17.09, a P/E/G ratio of 2.35 and a beta of 2.80. Kinetik has a 1-year low of $26.32 and a 1-year high of $40.42.

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

Kinetik Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Monday, April 29th will be issued a dividend of $0.75 per share. The ex-dividend date is Friday, April 26th. This represents a $3.00 annualized dividend and a dividend yield of 7.71%. Kinetik’s dividend payout ratio is 132.74%.

Insider Activity

In other news, insider Anne Psencik sold 3,182 shares of Kinetik stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $35.57, for a total transaction of $113,183.74. Following the completion of the sale, the insider now directly owns 247,128 shares in the company, valued at approximately $8,790,342.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Anne Psencik sold 3,182 shares of Kinetik stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $35.57, for a total transaction of $113,183.74. Following the completion of the sale, the insider now directly owns 247,128 shares in the company, valued at approximately $8,790,342.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Corp Apache sold 13,079,871 shares of Kinetik stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $33.75, for a total value of $441,445,646.25. The disclosure for this sale can be found here. Insiders sold a total of 13,095,803 shares of company stock worth $442,051,135 in the last three months. 3.62% of the stock is owned by insiders.

Institutional Investors Weigh In On Kinetik

Institutional investors have recently made changes to their positions in the company. Ensign Peak Advisors Inc acquired a new stake in Kinetik in the 3rd quarter worth approximately $31,000. Tower Research Capital LLC TRC acquired a new stake in Kinetik in the 3rd quarter worth approximately $37,000. Ronald Blue Trust Inc. acquired a new stake in Kinetik in the 3rd quarter worth approximately $37,000. UBS Group AG acquired a new stake in Kinetik in the 3rd quarter worth approximately $84,000. Finally, Advisory Services Network LLC acquired a new stake in Kinetik in the 4th quarter worth approximately $102,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

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.