Barclays Increases Kinetik (NASDAQ:KNTK) Price Target to $47.00

Kinetik (NASDAQ:KNTK - Free Report) had its price target raised by Barclays from $43.00 to $47.00 in a report published on Monday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other research analysts have also commented on the company. Royal Bank of Canada upped their price target on Kinetik from $43.00 to $46.00 and gave the stock an outperform rating in a report on Thursday, August 15th. Scotiabank upped their target price on shares of Kinetik from $42.00 to $48.00 and gave the company a sector outperform rating in a research note on Tuesday, July 2nd. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Kinetik presently has a consensus rating of Moderate Buy and a consensus target price of $43.00.

Kinetik Price Performance

Shares of NASDAQ KNTK traded up $0.23 during trading hours on Monday, hitting $49.92. 478,086 shares of the stock were exchanged, compared to its average volume of 513,012. Kinetik has a one year low of $31.73 and a one year high of $50.07. The company's 50 day moving average is $44.69 and its 200 day moving average is $41.96. The firm has a market capitalization of $7.67 billion, a P/E ratio of 20.46, a P/E/G ratio of 2.60 and a beta of 2.91.

Kinetik (NASDAQ:KNTK - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.11. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The company had revenue of $359.50 million during the quarter, compared to analysts' expectations of $305.94 million. During the same period in the prior year, the company earned $0.41 earnings per share. The business's quarterly revenue was up 21.4% compared to the same quarter last year. Research analysts anticipate that Kinetik will post 1.39 earnings per share for the current fiscal year.

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 7th. Shareholders of record on Monday, July 29th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 6.01%. The ex-dividend date was Monday, July 29th. Kinetik's dividend payout ratio (DPR) is presently 122.95%.

Institutional Trading of Kinetik

Several institutional investors have recently made changes to their positions in KNTK. Sei Investments Co. boosted its stake in Kinetik by 367.6% in the 1st quarter. Sei Investments Co. now owns 55,663 shares of the company's stock valued at $2,219,000 after buying an additional 43,758 shares in the last quarter. Swiss National Bank grew its holdings in shares of Kinetik by 39.5% in the 1st quarter. Swiss National Bank now owns 70,600 shares of the company's stock worth $2,815,000 after purchasing an additional 20,000 shares during the last quarter. Capstone Investment Advisors LLC acquired a new stake in shares of Kinetik during the 1st quarter worth about $1,009,000. Susquehanna Fundamental Investments LLC bought a new position in Kinetik during the 1st quarter valued at about $755,000. Finally, Castleark Management LLC acquired a new position in Kinetik in the first quarter valued at about $689,000. 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.