Kinetik (NASDAQ:KNTK) Coverage Initiated by Analysts at Scotiabank

Scotiabank began coverage on shares of Kinetik (NASDAQ:KNTK) in a research note issued to investors on Friday, MarketBeat Ratings reports. The firm issued a sector outperform rating and a $64.00 price target on the stock.

Several other equities research analysts have also recently weighed in on the company. Mizuho upped their price target on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Barclays upped their target price on shares of Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Wells Fargo & Company boosted their price objective on shares of Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. The Goldman Sachs Group raised their target price on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, Citigroup boosted their price target on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $55.00.

Kinetik Trading Up 1.3 %

Shares of Kinetik stock opened at $60.43 on Friday. Kinetik has a 12-month low of $31.73 and a 12-month high of $62.55. The company has a market cap of $9.52 billion, a P/E ratio of 22.30, a PEG ratio of 2.85 and a beta of 2.91. The company’s fifty day simple moving average is $57.18 and its two-hundred day simple moving average is $48.95.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.10). The company had revenue of $396.40 million for the quarter, compared to analysts’ expectations of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. Kinetik’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.21 EPS. Analysts predict that Kinetik will post 1.35 EPS for the current fiscal year.

Kinetik Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were issued a $0.78 dividend. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 dividend on an annualized basis and a yield of 5.16%. The ex-dividend date of this dividend was Monday, October 28th. Kinetik’s payout ratio is presently 115.13%.

Institutional Trading of Kinetik

Institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its holdings in shares of Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after purchasing an additional 213 shares in the last quarter. Ashton Thomas Securities LLC bought a new stake in Kinetik in the 3rd quarter worth about $46,000. CWM LLC raised its position in Kinetik by 2,030.9% in the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after buying an additional 3,615 shares during the last quarter. Blue Trust Inc. lifted its stake in Kinetik by 244.9% during the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after acquiring an additional 2,699 shares during the period. Finally, Covestor Ltd boosted its holdings in shares of Kinetik by 13,790.0% during the 3rd quarter. Covestor Ltd now owns 4,167 shares of the company’s stock valued at $189,000 after acquiring an additional 4,137 shares during the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

About Kinetik

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.