Kinetik (NASDAQ:KNTK) Price Target Cut to $62.00 by Analysts at Scotiabank

Kinetik (NASDAQ:KNTK) had its price objective decreased by Scotiabank from $64.00 to $62.00 in a research report released on Tuesday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

KNTK has been the topic of a number of other research reports. Barclays upped their target price on Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. The Goldman Sachs Group increased their target price on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Royal Bank of Canada boosted their target price on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Mizuho lifted their price objective on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Finally, 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 research report on Wednesday, January 15th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $59.25.

Kinetik Stock Performance

NASDAQ:KNTK opened at $65.93 on Tuesday. The firm has a market capitalization of $10.39 billion, a PE ratio of 24.33, a PEG ratio of 1.84 and a beta of 2.91. The stock’s fifty day moving average is $59.15 and its 200 day moving average is $50.48. Kinetik has a fifty-two week low of $31.73 and a fifty-two week high of $67.60.

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

Kinetik Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 12th. Investors of record on Monday, February 3rd will be issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 4.73%. The ex-dividend date is Monday, February 3rd. Kinetik’s payout ratio is 115.13%.

Institutional Trading of Kinetik

A number of hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its stake in shares of Kinetik by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock worth $39,742,000 after purchasing an additional 13,644 shares during the last quarter. Merewether Investment Management LP lifted its position in shares of Kinetik by 56.6% during the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock valued at $29,976,000 after buying an additional 239,500 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of 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. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in shares of Kinetik by 10.5% in the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 440,000 shares of the company’s stock valued at $24,952,000 after buying an additional 41,864 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its stake in shares of Kinetik by 30.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 352,558 shares of the company’s stock worth $15,957,000 after acquiring an additional 82,600 shares in the last quarter. Hedge funds and other 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.