Scotiabank Cuts Kinetik (NASDAQ:KNTK) Price Target to $62.00

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

KNTK has been the topic of a number of other reports. Mizuho raised their price target on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Wells Fargo & Company boosted their price target on Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Royal Bank of Canada increased their price objective on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. boosted their target price 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. Finally, The Goldman Sachs Group increased their price target on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Kinetik currently has a consensus rating of “Moderate Buy” and an average target price of $59.25.

Kinetik Trading Up 1.1 %

Kinetik stock opened at $65.93 on Tuesday. The firm has a market cap of $10.39 billion, a price-to-earnings ratio of 24.33, a PEG ratio of 1.84 and a beta of 2.91. Kinetik has a 12 month low of $31.73 and a 12 month high of $67.60. The stock has a fifty day simple moving average of $59.15 and a two-hundred day simple moving average of $50.48.

Kinetik (NASDAQ:KNTK) last posted 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 company had revenue of $396.40 million for 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%. Kinetik’s revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.21 EPS. On average, equities research analysts forecast that Kinetik will post 1.35 EPS for the current fiscal year.

Kinetik Dividend Announcement

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

Institutional Investors Weigh In On Kinetik

Institutional investors have recently bought and sold shares of the business. Versor Investments LP purchased a new stake in shares of Kinetik during the third quarter worth about $543,000. Barclays PLC grew its holdings in Kinetik by 34.5% during the 3rd quarter. Barclays PLC now owns 234,286 shares of the company’s stock valued at $10,603,000 after buying an additional 60,058 shares in the last quarter. Principal Financial Group Inc. bought a new stake in shares of Kinetik during the third quarter valued at approximately $921,000. Eos Management L.P. boosted its position in shares of Kinetik by 84.9% during the third quarter. Eos Management L.P. now owns 27,000 shares of the company’s stock worth $1,222,000 after acquiring an additional 12,400 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in 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 acquiring an additional 13,644 shares in the last quarter. Hedge funds and other institutional investors 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.