Royal Bank of Canada Raises Kinetik (NASDAQ:KNTK) Price Target to $52.00

Kinetik (NASDAQ:KNTK) had its price objective lifted by Royal Bank of Canada from $46.00 to $52.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other brokerages have also issued reports on KNTK. Scotiabank lifted their target price on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research note on Tuesday, July 2nd. Barclays boosted their target price on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Kinetik presently has an average rating of “Moderate Buy” and an average price target of $43.86.

Kinetik Stock Up 1.8 %

KNTK opened at $50.62 on Wednesday. Kinetik has a 12-month low of $31.73 and a 12-month high of $50.83. The firm has a market capitalization of $7.78 billion, a P/E ratio of 20.75, a PEG ratio of 2.60 and a beta of 2.91. The stock has a fifty day moving average of $45.42 and a 200-day moving average of $42.21.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.11. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The firm had revenue of $359.50 million during the quarter, compared to analyst estimates of $305.94 million. During the same period last year, the company posted $0.41 EPS. The business’s quarterly revenue was up 21.4% compared to the same quarter last year. On average, analysts expect that Kinetik will post 1.39 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Shareholders of record on Monday, October 28th will be issued a dividend of $0.78 per share. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a yield of 6.16%. The ex-dividend date is Monday, October 28th. Kinetik’s dividend payout ratio (DPR) is 122.95%.

Institutional Trading of Kinetik

Large investors have recently made changes to their positions in the stock. American Financial Group Inc. lifted its holdings in Kinetik by 3.8% in the 1st quarter. American Financial Group Inc. now owns 13,500 shares of the company’s stock worth $538,000 after purchasing an additional 500 shares during the last quarter. Beach Investment Counsel Inc. PA acquired a new stake in shares of Kinetik in the second quarter worth $27,000. SL Advisors LLC boosted its holdings in shares of Kinetik by 5.0% during the 3rd quarter. SL Advisors LLC now owns 21,927 shares of the company’s stock worth $992,000 after buying an additional 1,037 shares during the period. Commonwealth Equity Services LLC grew its stake in Kinetik by 3.8% in the 1st quarter. Commonwealth Equity Services LLC now owns 38,264 shares of the company’s stock valued at $1,526,000 after buying an additional 1,387 shares during the last quarter. Finally, Ameritas Investment Partners Inc. raised its holdings in Kinetik by 112.8% in the 1st quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock worth $145,000 after acquiring an additional 1,926 shares during the period. 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.