Kinetik (NASDAQ:KNTK) Price Target Raised to $43.00 at JPMorgan Chase & Co.

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

Several other equities research analysts also recently weighed in on KNTK. Royal Bank of Canada initiated coverage on shares of Kinetik in a research note on Monday, March 25th. They issued an outperform rating and a $40.00 target price on the stock. Citigroup reissued a neutral rating and issued a $35.00 target price on shares of Kinetik in a research note on Tuesday, December 19th. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Kinetik presently has an average rating of Hold and a consensus target price of $39.67.

Kinetik Stock Up 0.1 %

Kinetik stock opened at $38.52 on Wednesday. The company has a market cap of $5.92 billion, a price-to-earnings ratio of 17.03, a PEG ratio of 2.60 and a beta of 2.80. The firm’s fifty day moving average is $36.40 and its 200 day moving average is $35.06. Kinetik has a 52-week low of $26.32 and a 52-week high of $40.42.

Kinetik (NASDAQ:KNTK) last announced its earnings results on Wednesday, February 28th. The company reported $1.70 earnings per share for the quarter, beating the consensus estimate of $0.46 by $1.24. Kinetik had a net margin of 28.57% and a negative return on equity of 49.32%. The business had revenue of $348.87 million for the quarter, compared to the consensus estimate of $301.49 million. During the same quarter in the prior year, the firm posted $0.25 earnings per share. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. On average, equities research analysts anticipate that Kinetik will post 2.02 earnings per share for the current fiscal year.

Kinetik Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Thursday, February 22nd were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 7.79%. The ex-dividend date was Wednesday, February 21st. Kinetik’s dividend payout ratio is presently 132.74%.

Insiders Place Their Bets

In other Kinetik news, insider Jamie Welch bought 14,814 shares of the company’s stock in a transaction on Monday, March 18th. The shares were bought at an average cost of $33.75 per share, for a total transaction of $499,972.50. Following the acquisition, the insider now directly owns 3,599,225 shares in the company, valued at $121,473,843.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Kinetik news, insider Anne Psencik sold 3,182 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $35.57, for a total transaction of $113,183.74. Following the transaction, the insider now directly owns 247,128 shares in the company, valued at approximately $8,790,342.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jamie Welch bought 14,814 shares of the company’s stock in a transaction on Monday, March 18th. The shares were acquired at an average price of $33.75 per share, for a total transaction of $499,972.50. Following the completion of the acquisition, the insider now owns 3,599,225 shares in the company, valued at $121,473,843.75. The disclosure for this purchase can be found here. Insiders have sold a total of 13,095,803 shares of company stock worth $442,051,135 in the last three months. Corporate insiders own 3.62% of the company’s stock.

Institutional Trading of Kinetik

A number of institutional investors have recently modified their holdings of KNTK. UBS Group AG bought a new stake in shares of Kinetik in the 3rd quarter valued at about $84,000. Tower Research Capital LLC TRC bought a new stake in shares of Kinetik in the 3rd quarter valued at about $37,000. Dimensional Fund Advisors LP bought a new stake in shares of Kinetik in the 3rd quarter valued at about $2,099,000. Credit Suisse AG bought a new stake in shares of Kinetik in the 3rd quarter valued at about $724,000. Finally, Nuveen Asset Management LLC bought a new stake in shares of Kinetik in the 3rd quarter valued at about $2,515,000. 21.11% of the stock is currently owned by institutional investors.

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.