Kinetik (NASDAQ:KNTK) Price Target Raised to $55.00 at Mizuho

Kinetik (NASDAQ:KNTK) had its price objective raised by Mizuho from $47.00 to $55.00 in a research note released on Thursday morning, Benzinga reports. Mizuho currently has an outperform rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Scotiabank raised their price target on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 2nd. Barclays raised their target price on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Finally, Royal Bank of Canada increased their price objective on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $45.71.

Kinetik Trading Down 0.3 %

NASDAQ KNTK traded down $0.18 during trading on Thursday, hitting $51.40. The company had a trading volume of 14,369 shares, compared to its average volume of 506,020. The company’s fifty day moving average is $46.14 and its 200-day moving average is $42.52. The company has a market cap of $7.90 billion, a price-to-earnings ratio of 21.14, a price-to-earnings-growth ratio of 2.60 and a beta of 2.91. Kinetik has a one year low of $31.73 and a one year high of $51.97.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.11. The firm had revenue of $359.50 million during the quarter, compared to the consensus estimate of $305.94 million. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The company’s revenue was up 21.4% on a year-over-year basis. During the same period last year, the company earned $0.41 earnings per share. As a group, equities analysts anticipate that Kinetik will post 1.39 EPS for the current year.

Kinetik Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Investors of record on Monday, October 28th will be issued a $0.78 dividend. The ex-dividend date is Monday, October 28th. This represents a $3.12 annualized dividend and a yield of 6.07%. This is an increase from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio is currently 127.87%.

Hedge Funds Weigh In On Kinetik

Several large investors have recently made changes to their positions in the business. Blackstone Inc. raised its stake in Kinetik by 13.8% during the 1st quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock valued at $474,977,000 after purchasing an additional 1,442,653 shares during the period. Westwood Holdings Group Inc. boosted its position in shares of Kinetik by 148.3% during the first quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock worth $93,636,000 after acquiring an additional 1,402,751 shares during the last quarter. Vanguard Group Inc. grew its stake in Kinetik by 52.0% during the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock valued at $132,158,000 after acquiring an additional 1,134,570 shares in the last quarter. Kayne Anderson Capital Advisors LP lifted its stake in Kinetik by 1,992.8% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company’s stock worth $46,448,000 after purchasing an additional 1,109,308 shares in the last quarter. Finally, Yaupon Capital Management LP bought a new position in shares of Kinetik during the 1st quarter valued at about $30,867,000. 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.