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

Kinetik (NASDAQ:KNTK - Free Report) had its target price raised by Mizuho from $47.00 to $55.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

Other equities research analysts have also issued reports about the stock. Barclays increased their target price 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. Royal Bank of Canada increased their price objective 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. Finally, Scotiabank increased their price objective on shares of 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 given a buy rating to the stock. Based on data from MarketBeat, Kinetik has a consensus rating of "Moderate Buy" and a consensus price target of $45.71.

Kinetik Stock Up 1.7 %

Kinetik stock traded up $0.88 during mid-day trading on Thursday, reaching $51.59. 419,872 shares of the company's stock were exchanged, compared to its average volume of 508,427. The company has a market cap of $7.93 billion, a P/E ratio of 21.14, a P/E/G ratio of 2.60 and a beta of 2.91. Kinetik has a twelve month low of $31.73 and a twelve month high of $51.72. The company has a fifty day moving average of $45.98 and a 200-day moving average of $42.45.

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

Kinetik Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 7th. Investors of record on Monday, October 28th will be paid a dividend of $0.78 per share. The ex-dividend date of this dividend is Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a yield of 6.05%. This is a boost from Kinetik's previous quarterly dividend of $0.75. Kinetik's dividend payout ratio is currently 127.87%.

Institutional Trading of Kinetik

A number of large investors have recently bought and sold shares of KNTK. Beach Investment Counsel Inc. PA acquired a new stake in Kinetik during the 2nd quarter worth $27,000. Ameritas Investment Partners Inc. boosted its stake in Kinetik by 112.8% during the 1st quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company's stock worth $145,000 after purchasing an additional 1,926 shares during the period. Blue Trust Inc. lifted its stake in shares of Kinetik by 244.9% in the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company's stock worth $158,000 after acquiring an additional 2,699 shares during the period. Harbor Capital Advisors Inc. lifted its stake in shares of Kinetik by 270.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company's stock worth $159,000 after acquiring an additional 2,803 shares during the period. Finally, CWM LLC lifted its stake in shares of Kinetik by 2,030.9% in the 3rd quarter. CWM LLC now owns 3,793 shares of the company's stock worth $172,000 after acquiring an additional 3,615 shares during the period. 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.