Kinetik (NASDAQ:KNTK) Stock Price Expected to Rise, Citigroup Analyst Says

Kinetik (NASDAQ:KNTK) had its price objective raised by Citigroup from $54.00 to $58.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities research analysts have also issued reports about the company. Barclays raised their price objective on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Royal Bank of Canada raised their price target on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Mizuho boosted their price objective on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and four have given 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 $51.86.

Kinetik Stock Performance

Shares of KNTK opened at $54.64 on Monday. The stock has a market capitalization of $8.61 billion, a PE ratio of 20.16, a P/E/G ratio of 2.83 and a beta of 2.95. The company’s fifty day moving average is $54.61 and its 200 day moving average is $47.04. Kinetik has a fifty-two week low of $31.73 and a fifty-two week high of $62.55.

Kinetik (NASDAQ:KNTK) last posted its earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The business had revenue of $396.40 million during the quarter, compared to the consensus estimate of $331.21 million. During the same quarter last year, the firm earned $0.21 earnings per share. The business’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, research analysts forecast that Kinetik will post 1.35 earnings per share for the current year.

Kinetik Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 5.71%. The ex-dividend date was Monday, October 28th. This is an increase from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio is 115.13%.

Institutional Trading of Kinetik

Several institutional investors and hedge funds have recently made changes to their positions in the business. Ashton Thomas Securities LLC purchased a new position in Kinetik in the 3rd quarter worth about $46,000. CWM LLC grew its holdings in Kinetik by 2,030.9% during the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after acquiring an additional 3,615 shares in the last quarter. Blue Trust Inc. increased its position 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 purchasing an additional 2,699 shares during the period. Covestor Ltd raised its holdings in shares of Kinetik by 13,790.0% in the 3rd quarter. Covestor Ltd now owns 4,167 shares of the company’s stock valued at $189,000 after purchasing an additional 4,137 shares in the last quarter. Finally, Stifel Financial Corp bought a new stake in shares of Kinetik in the 3rd quarter valued at about $202,000. 21.11% of the stock is currently owned by 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.