Wells Fargo & Company Issues Positive Forecast for Kinetik (NASDAQ:KNTK) Stock Price

Kinetik (NASDAQ:KNTK) had its target price hoisted by Wells Fargo & Company from $58.00 to $60.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other brokerages have also weighed in on KNTK. Mizuho increased their target price on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Royal Bank of Canada raised their price objective on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Barclays boosted their target price on shares of Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Finally, Citigroup increased their target price on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $51.86.

Kinetik Stock Down 0.4 %

Kinetik stock traded down $0.22 during midday trading on Wednesday, hitting $54.42. 174,693 shares of the stock were exchanged, compared to its average volume of 517,219. Kinetik has a 52-week low of $31.73 and a 52-week high of $62.55. The business’s 50-day moving average price is $54.61 and its 200-day moving average price is $47.04. The stock has a market capitalization of $8.57 billion, a price-to-earnings ratio of 20.08, a price-to-earnings-growth ratio of 2.83 and a beta of 2.95.

Kinetik (NASDAQ:KNTK) last released its earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.10). The business had revenue of $396.40 million during the quarter, compared to the consensus estimate of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The business’s revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.21 earnings per share. On average, sell-side analysts predict that Kinetik will post 1.35 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.73%. The ex-dividend date was Monday, October 28th. This is a boost from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio (DPR) is presently 115.13%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its holdings in shares of Kinetik by 1.6% during the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock valued at $39,742,000 after buying an additional 13,644 shares during the last quarter. Merewether Investment Management LP boosted its holdings in Kinetik by 56.6% in the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock worth $29,976,000 after purchasing an additional 239,500 shares during the last quarter. Renaissance Technologies LLC grew its position in Kinetik by 88.3% in the 2nd 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 during the period. Bank of New York Mellon Corp raised its stake in Kinetik by 4.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 457,578 shares of the company’s stock valued at $18,962,000 after buying an additional 20,644 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Kinetik by 70.3% during 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 during the last quarter. 21.11% of the stock is owned by hedge funds and other 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.