Mizuho Issues Pessimistic Forecast for Kinetik (NASDAQ:KNTK) Stock Price

Kinetik (NASDAQ:KNTK) had its price objective reduced by Mizuho from $70.00 to $61.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities analysts also recently commented on the company. UBS Group assumed coverage on Kinetik in a research note on Tuesday, April 29th. They issued a “neutral” rating and a $49.00 target price for the company. Barclays reduced their price objective on Kinetik from $58.00 to $48.00 and set an “equal weight” rating for the company in a research report on Tuesday. Wells Fargo & Company lowered their price objective on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. Scotiabank cut their target price on Kinetik from $57.00 to $54.00 and set a “sector outperform” rating on the stock in a research note on Monday, May 12th. Finally, US Capital Advisors raised shares of Kinetik from a “hold” rating to a “moderate buy” rating in a report on Monday, April 7th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.11.

Kinetik Stock Up 2.6%

Shares of NASDAQ:KNTK opened at $46.13 on Tuesday. Kinetik has a 52-week low of $37.85 and a 52-week high of $67.60. The company has a market capitalization of $7.28 billion, a price-to-earnings ratio of 17.02, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03. The company has a 50 day moving average of $45.94 and a two-hundred day moving average of $54.32.

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

Kinetik Dividend Announcement

The firm also recently declared 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. This represents a $3.12 annualized dividend and a yield of 6.76%. The ex-dividend date was Friday, April 25th. Kinetik’s payout ratio is 328.42%.

Insider Buying and Selling at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock in a transaction on Tuesday, March 4th. The stock was 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 owns 1,044,520 shares of the company’s stock, valued at approximately $58,106,647.60. This trade represents a 79.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Kinetik

A number of hedge funds have recently added to or reduced their stakes in KNTK. Fifth Third Bancorp acquired a new stake in shares of Kinetik in the 4th quarter valued at $26,000. Canton Hathaway LLC bought a new position in Kinetik during the fourth quarter valued at about $28,000. Rialto Wealth Management LLC acquired a new stake in shares of Kinetik in the fourth quarter worth about $34,000. Bell Investment Advisors Inc acquired a new stake in shares of Kinetik in the first quarter worth about $41,000. Finally, Comerica Bank boosted its stake in shares of Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock worth $45,000 after acquiring an additional 195 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.