Scotiabank Cuts Kinetik (NASDAQ:KNTK) Price Target to $54.00

Kinetik (NASDAQ:KNTK) had its price target reduced by Scotiabank from $57.00 to $54.00 in a report published on Monday,Benzinga reports. They currently have a sector outperform rating on the stock.

Other research analysts have also recently issued reports about the stock. US Capital Advisors raised shares of Kinetik from a “hold” rating to a “moderate buy” rating in a report on Monday, April 7th. Royal Bank of Canada decreased their target price on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Wells Fargo & Company decreased their price objective on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. JPMorgan Chase & Co. boosted their price objective on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 15th. Finally, Barclays boosted their price objective on shares of Kinetik from $57.00 to $58.00 and gave the company an “equal weight” rating in a report on Wednesday, April 16th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $57.89.

Kinetik Stock Up 3.5%

NASDAQ KNTK opened at $46.56 on Monday. Kinetik has a twelve month low of $37.85 and a twelve month high of $67.60. The firm has a market capitalization of $7.35 billion, a PE ratio of 17.18, a P/E/G ratio of 1.52 and a beta of 3.03. The stock’s 50 day moving average is $46.38 and its 200 day moving average is $54.37.

Kinetik (NASDAQ:KNTK) last released its earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.24). The company had revenue of $443.26 million during the quarter, compared to analysts’ expectations of $466.54 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company’s revenue was up 29.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.12 earnings per share. On average, research analysts anticipate that Kinetik will post 1.96 earnings per share for the current year.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, April 25th. This represents a $3.12 annualized dividend and a yield of 6.70%. Kinetik’s dividend payout ratio (DPR) is 328.42%.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the completion of the sale, the insider now directly owns 1,044,520 shares in the company, valued at approximately $58,106,647.60. The trade was a 79.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.83% of the stock is currently owned by company insiders.

Institutional Trading of Kinetik

Several large investors have recently added to or reduced their stakes in the business. Barclays PLC boosted its position in shares of Kinetik by 34.5% in the third quarter. Barclays PLC now owns 234,286 shares of the company’s stock worth $10,603,000 after purchasing an additional 60,058 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Kinetik by 53.5% in the third quarter. JPMorgan Chase & Co. now owns 157,858 shares of the company’s stock worth $7,145,000 after purchasing an additional 55,050 shares during the period. GAMMA Investing LLC boosted its position in shares of Kinetik by 72.0% in the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after purchasing an additional 213 shares during the period. Harbor Capital Advisors Inc. boosted its position in shares of Kinetik by 2.0% in the fourth quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company’s stock worth $515,000 after purchasing an additional 174 shares during the period. Finally, Diversify Advisory Services LLC bought a new position in shares of Kinetik in the fourth quarter worth approximately $269,000. 21.11% of the stock is currently owned by institutional investors.

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.