Citigroup Boosts Kinetik (NASDAQ:KNTK) Price Target to $58.00

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

Several other research firms have also issued reports on KNTK. Barclays lifted 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. Mizuho lifted their price target on Kinetik from $47.00 to $55.00 and gave the company an "outperform" rating in a research report on Thursday, October 24th. Finally, Royal Bank of Canada upped their price objective on shares of Kinetik from $46.00 to $52.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Kinetik presently has a consensus rating of "Moderate Buy" and an average target price of $49.00.

Kinetik Price Performance

Shares of KNTK traded down $0.36 during midday trading on Monday, hitting $56.45. 802,515 shares of the company traded hands, compared to its average volume of 516,448. Kinetik has a one year low of $31.73 and a one year high of $62.55. The firm has a market cap of $8.89 billion, a P/E ratio of 20.83, a PEG ratio of 2.83 and a beta of 2.95. The stock has a 50-day moving average of $54.34 and a 200-day moving average of $46.88.

Kinetik (NASDAQ:KNTK - Get Free Report) 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). The firm had revenue of $396.40 million for the quarter, compared to the consensus estimate of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The business's revenue was up 20.0% on a year-over-year basis. During the same period last year, the company posted $0.21 EPS. Sell-side analysts forecast that Kinetik will post 1.35 EPS for the current fiscal year.

Kinetik Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were given a $0.78 dividend. This is an increase from Kinetik's previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a yield of 5.53%. Kinetik's payout ratio is presently 115.13%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake in shares of Kinetik by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company's stock valued at $39,742,000 after purchasing an additional 13,644 shares in the last quarter. Merewether Investment Management LP lifted its stake in Kinetik by 56.6% in the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company's stock worth $29,976,000 after purchasing an additional 239,500 shares during the last quarter. Renaissance Technologies LLC boosted its position in Kinetik by 88.3% during the second quarter. Renaissance Technologies LLC now owns 633,962 shares of the company's stock valued at $26,271,000 after buying an additional 297,200 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Kinetik by 4.7% during the second quarter. Bank of New York Mellon Corp now owns 457,578 shares of the company's stock valued at $18,962,000 after buying an additional 20,644 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Kinetik by 70.3% in the second quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company's stock worth $18,927,000 after buying an additional 188,533 shares during the period. 21.11% of the stock is currently owned by institutional investors.

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.