Kinetik (NASDAQ:KNTK) Given New $58.00 Price Target at Citigroup

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

Other equities research analysts have also issued research reports about the stock. Barclays increased their price objective 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. Royal Bank of Canada increased their price target on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Mizuho boosted their price objective on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $49.00.

Kinetik Trading Down 0.6 %

KNTK stock opened at $56.45 on Monday. The stock has a 50-day moving average price of $54.34 and a two-hundred day moving average price of $46.88. The company has a market cap of $8.89 billion, a PE ratio of 20.83, a price-to-earnings-growth ratio of 2.83 and a beta of 2.95. Kinetik has a 12-month low of $31.73 and a 12-month high of $62.55.

Kinetik (NASDAQ:KNTK) last issued its earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) 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 firm had revenue of $396.40 million for the quarter, compared to analysts’ expectations of $331.21 million. During the same quarter in the previous year, the firm posted $0.21 EPS. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. Equities analysts forecast 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. Shareholders of record on Monday, October 28th were issued a $0.78 dividend. The ex-dividend date was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a yield of 5.53%. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s payout ratio is currently 115.13%.

Institutional Trading of Kinetik

Several large investors have recently modified their holdings of the business. HITE Hedge Asset Management LLC acquired a new stake in shares of Kinetik during the second quarter worth approximately $13,550,000. Renaissance Technologies LLC raised its holdings in Kinetik by 88.3% in the second quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock valued at $26,271,000 after acquiring an additional 297,200 shares in the last quarter. SIR Capital Management L.P. bought a new position in Kinetik during the 2nd quarter valued at $11,537,000. Merewether Investment Management LP grew its holdings in Kinetik by 56.6% during the 3rd quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock worth $29,976,000 after acquiring an additional 239,500 shares in the last quarter. Finally, Gilman Hill Asset Management LLC increased its position in shares of Kinetik by 551.6% in the 3rd quarter. Gilman Hill Asset Management LLC now owns 244,524 shares of the company’s stock worth $11,067,000 after purchasing an additional 206,999 shares during the last quarter. 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.