Barclays Raises Kinetik (NASDAQ:KNTK) Price Target to $61.00

Kinetik (NASDAQ:KNTK - Free Report) had its target price lifted by Barclays from $47.00 to $61.00 in a research report sent to investors on Monday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

KNTK has been the topic of several other reports. Royal Bank of Canada upped their price target on Kinetik from $46.00 to $52.00 and gave the company an "outperform" rating in a research report on Wednesday, October 16th. The Goldman Sachs Group boosted their price target on shares of Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Wells Fargo & Company lifted their price objective on Kinetik from $58.00 to $60.00 and gave the company an "equal weight" rating in a research note on Wednesday, December 18th. Citigroup upped their target price on Kinetik from $54.00 to $58.00 and gave the stock a "neutral" rating in a research note on Monday, December 16th. Finally, Mizuho boosted their price objective on Kinetik from $47.00 to $55.00 and gave the stock an "outperform" rating in a report on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $56.75.

Kinetik Stock Up 0.3 %

KNTK traded up $0.21 during trading on Monday, hitting $60.62. 411,522 shares of the company traded hands, compared to its average volume of 510,517. The firm has a market cap of $9.55 billion, a P/E ratio of 22.37, a price-to-earnings-growth ratio of 2.85 and a beta of 2.91. Kinetik has a one year low of $31.73 and a one year high of $62.55. The stock's fifty day moving average is $57.44 and its 200 day moving average is $49.21.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 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 company had revenue of $396.40 million during the quarter, compared to the consensus estimate of $331.21 million. During the same period last year, the firm posted $0.21 EPS. The company's revenue for the quarter was up 20.0% compared to the same quarter last year. On average, equities research analysts forecast that Kinetik will post 1.35 EPS for the current fiscal year.

Kinetik Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were paid a $0.78 dividend. This is a boost from Kinetik's previous quarterly dividend of $0.75. This represents a $3.12 dividend on an annualized basis and a yield of 5.15%. The ex-dividend date of this dividend was Monday, October 28th. Kinetik's payout ratio is 115.13%.

Institutional Investors Weigh In On Kinetik

Large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers increased its position in shares of Kinetik by 17.6% during the second quarter. Rhumbline Advisers now owns 60,529 shares of the company's stock valued at $2,508,000 after buying an additional 9,044 shares during the period. Arizona State Retirement System grew its stake in Kinetik by 53.9% in the second quarter. Arizona State Retirement System now owns 10,865 shares of the company's stock worth $450,000 after purchasing an additional 3,804 shares during the period. Federated Hermes Inc. bought a new position in Kinetik in the second quarter worth $3,467,000. Dimensional Fund Advisors LP lifted its position in Kinetik by 70.3% during the second quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company's stock valued at $18,927,000 after buying an additional 188,533 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in Kinetik by 88.3% in the second quarter. Renaissance Technologies LLC now owns 633,962 shares of the company's stock worth $26,271,000 after purchasing an additional 297,200 shares during the period. Institutional investors own 21.11% of the company's stock.

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.