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

Kinetik (NASDAQ:KNTK) had its price target upped by Mizuho from $47.00 to $55.00 in a report published on Thursday, Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other equities analysts have also weighed in on KNTK. Scotiabank boosted their price objective on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a report on Tuesday, July 2nd. Royal Bank of Canada boosted their price target on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Barclays increased their price objective on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Kinetik has an average rating of “Moderate Buy” and a consensus target price of $45.71.

Kinetik Trading Down 3.8 %

Shares of NASDAQ:KNTK opened at $49.64 on Thursday. Kinetik has a 12-month low of $31.73 and a 12-month high of $51.97. The stock has a market capitalization of $7.63 billion, a price-to-earnings ratio of 20.34, a PEG ratio of 2.38 and a beta of 2.91. The stock has a fifty day simple moving average of $46.26 and a two-hundred day simple moving average of $42.61.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.43 by $0.11. The company had revenue of $359.50 million for the quarter, compared to the consensus estimate of $305.94 million. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. Kinetik’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.41 EPS. As a group, equities research analysts predict that Kinetik will post 1.44 EPS for the current year.

Kinetik Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 7th. Investors of record on Monday, October 28th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Monday, October 28th. This represents a $3.12 annualized dividend and a dividend yield of 6.29%. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s payout ratio is presently 127.87%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Blackstone Inc. grew its stake in shares of Kinetik by 13.8% during the 1st quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock valued at $474,977,000 after purchasing an additional 1,442,653 shares during the period. Westwood Holdings Group Inc. grew its position in Kinetik by 148.3% during the first quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock valued at $93,636,000 after buying an additional 1,402,751 shares during the period. Vanguard Group Inc. increased its holdings in Kinetik by 52.0% during the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock valued at $132,158,000 after buying an additional 1,134,570 shares during the last quarter. Kayne Anderson Capital Advisors LP raised its position in Kinetik by 1,992.8% in the first quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company’s stock worth $46,448,000 after acquiring an additional 1,109,308 shares during the period. Finally, Yaupon Capital Management LP purchased a new position in shares of Kinetik during the 1st quarter worth $30,867,000. Institutional investors 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.