Kinetik (NASDAQ:KNTK) Price Target Raised to $61.00 at The Goldman Sachs Group

Kinetik (NASDAQ:KNTK) had its price target lifted by The Goldman Sachs Group from $46.00 to $61.00 in a research note released on Thursday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Several other equities research analysts have also weighed in on the company. Mizuho raised their price objective on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Wells Fargo & Company boosted their price objective on Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a report on Wednesday. Barclays raised 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 upped their price target 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, Citigroup lifted their price objective on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Kinetik Stock Up 5.8 %

NASDAQ:KNTK opened at $57.76 on Thursday. The business’s 50-day moving average price is $54.90 and its 200 day moving average price is $47.21. Kinetik has a 52-week low of $31.73 and a 52-week high of $62.55. The firm has a market cap of $9.10 billion, a P/E ratio of 21.31, a PEG ratio of 2.83 and a beta of 2.95.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.10). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The business had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. During the same period in the prior year, the firm earned $0.21 EPS. The business’s revenue for the quarter was up 20.0% on a year-over-year basis. Sell-side analysts expect that Kinetik will post 1.35 EPS for the current year.

Kinetik Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were given a dividend of $0.78 per share. This is a boost from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a yield of 5.40%. Kinetik’s dividend payout ratio (DPR) is presently 115.13%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of KNTK. Ashton Thomas Securities LLC bought a new stake in shares of Kinetik in the 3rd quarter valued at approximately $46,000. CWM LLC raised its position in Kinetik by 2,030.9% during the third quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after acquiring an additional 3,615 shares in the last quarter. Blue Trust Inc. grew its position in Kinetik by 244.9% in the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after acquiring an additional 2,699 shares in the last quarter. Covestor Ltd increased its stake in shares of Kinetik by 13,790.0% during the 3rd quarter. Covestor Ltd now owns 4,167 shares of the company’s stock worth $189,000 after purchasing an additional 4,137 shares during the last quarter. Finally, Stifel Financial Corp acquired a new position in shares of Kinetik during the 3rd quarter worth $202,000. 21.11% of the stock is owned by institutional investors and hedge funds.

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.