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

Kinetik (NASDAQ:KNTK) had its price target hoisted by Mizuho from $47.00 to $55.00 in a research report report published on Thursday, Benzinga reports. They currently have an outperform rating on the stock.

KNTK has been the topic of a number of other research reports. Royal Bank of Canada upped their target price on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Barclays upped their price objective on shares of Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Finally, Scotiabank boosted their target price on Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 2nd. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Kinetik presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.71.

Kinetik Stock Performance

KNTK stock opened at $49.64 on Thursday. Kinetik has a one year low of $31.73 and a one year high of $51.97. The firm has a market cap of $7.63 billion, a PE ratio of 20.34, a PEG ratio of 2.38 and a beta of 2.91. The firm’s 50 day moving average price is $46.26 and its 200-day moving average price is $42.64.

Kinetik (NASDAQ:KNTK) last posted its earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.11. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The company had revenue of $359.50 million during the quarter, compared to analysts’ expectations of $305.94 million. The firm’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.41 earnings per share. Equities research analysts predict that Kinetik will post 1.44 EPS for the current fiscal year.

Kinetik Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Shareholders of record on Monday, October 28th will be issued a dividend of $0.78 per share. The ex-dividend date of this dividend is Monday, October 28th. 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 6.29%. Kinetik’s dividend payout ratio is 127.87%.

Hedge Funds Weigh In On Kinetik

Several institutional investors have recently modified their holdings of the business. Blackstone Inc. boosted its holdings in Kinetik by 13.8% in the first 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. Vanguard Group Inc. boosted its stake in shares of Kinetik by 52.0% in the 1st quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock valued at $132,158,000 after buying an additional 1,134,570 shares during the period. Westwood Holdings Group Inc. grew 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 buying an additional 1,402,751 shares in the last quarter. Kayne Anderson Capital Advisors LP increased its stake in shares of Kinetik by 1,992.8% during the first quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company’s stock worth $46,448,000 after buying an additional 1,109,308 shares during the period. Finally, Yaupon Capital Management LP acquired a new stake in Kinetik in the first quarter valued at approximately $30,867,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.