Kinetik (NASDAQ:KNTK) Price Target Raised to $60.00 at Wells Fargo & Company

Kinetik (NASDAQ:KNTK) had its target price boosted by Wells Fargo & Company from $58.00 to $60.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other analysts have also weighed in on KNTK. Royal Bank of Canada increased their price objective on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Barclays increased their price target on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Citigroup boosted their price objective on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, Mizuho raised their target price on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Kinetik Stock Performance

Shares of KNTK opened at $57.76 on Wednesday. The stock has a 50-day moving average of $54.73 and a two-hundred day moving average of $47.09. The stock has a market cap of $9.10 billion, a P/E ratio of 21.31, a P/E/G ratio of 2.83 and a beta of 2.95. Kinetik has a one year low of $31.73 and a one year high of $62.55.

Kinetik (NASDAQ:KNTK) last released its earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The firm had revenue of $396.40 million for the quarter, compared to analyst estimates of $331.21 million. During the same period last year, the firm earned $0.21 EPS. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. Analysts predict that Kinetik will post 1.35 EPS for the current fiscal year.

Kinetik Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 5.40%. The ex-dividend date was Monday, October 28th. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s payout ratio is currently 115.13%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Geode Capital Management LLC increased its holdings in Kinetik by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock worth $39,742,000 after acquiring an additional 13,644 shares in the last quarter. Merewether Investment Management LP grew its position in shares of Kinetik by 56.6% in the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock valued at $29,976,000 after purchasing an additional 239,500 shares during the period. Renaissance Technologies LLC increased its stake in shares of Kinetik by 88.3% during the second quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock worth $26,271,000 after purchasing an additional 297,200 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Kinetik by 4.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 457,578 shares of the company’s stock worth $18,962,000 after purchasing an additional 20,644 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Kinetik by 70.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company’s stock valued at $18,927,000 after buying an additional 188,533 shares in the last quarter. 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.