JPMorgan Chase & Co. Boosts Kinetik (NASDAQ:KNTK) Price Target to $43.00

Kinetik (NASDAQ:KNTK) had its price objective hoisted by JPMorgan Chase & Co. from $40.00 to $43.00 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other equities research analysts also recently weighed in on the company. Royal Bank of Canada assumed coverage on Kinetik in a report on Monday, March 25th. They set an outperform rating and a $40.00 price target for the company. Citigroup reaffirmed a neutral rating and set a $35.00 price target on shares of Kinetik in a report on Tuesday, December 19th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $39.67.

Kinetik Trading Up 0.8 %

KNTK stock opened at $38.92 on Wednesday. The company has a market capitalization of $5.98 billion, a P/E ratio of 17.09, a PEG ratio of 2.35 and a beta of 2.80. Kinetik has a twelve month low of $26.32 and a twelve month high of $40.42. The business has a 50 day simple moving average of $36.64 and a 200-day simple moving average of $35.12.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings results on Wednesday, February 28th. The company reported $1.70 earnings per share for the quarter, topping the consensus estimate of $0.46 by $1.24. Kinetik had a negative return on equity of 49.32% and a net margin of 28.57%. The firm had revenue of $348.87 million during the quarter, compared to the consensus estimate of $301.49 million. During the same period last year, the company earned $0.25 earnings per share. The company’s revenue for the quarter was up 18.1% on a year-over-year basis. Research analysts predict that Kinetik will post 2 EPS for the current fiscal year.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Monday, April 29th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 7.71%. The ex-dividend date of this dividend is Friday, April 26th. Kinetik’s dividend payout ratio (DPR) is currently 132.74%.

Insider Buying and Selling at Kinetik

In other news, insider Matthew Wall sold 5,750 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $39.82, for a total value of $228,965.00. Following the completion of the transaction, the insider now owns 530,066 shares in the company, valued at $21,107,228.12. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Trevor Howard sold 7,000 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $37.62, for a total value of $263,340.00. Following the completion of the transaction, the insider now owns 198,411 shares in the company, valued at $7,464,221.82. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Matthew Wall sold 5,750 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $39.82, for a total value of $228,965.00. Following the completion of the transaction, the insider now owns 530,066 shares of the company’s stock, valued at approximately $21,107,228.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,095,803 shares of company stock valued at $442,051,135. 3.62% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Miller Howard Investments Inc. NY acquired a new stake in Kinetik in the 1st quarter worth about $2,927,000. Vanguard Group Inc. boosted its stake in Kinetik by 28.2% in the 4th quarter. Vanguard Group Inc. now owns 2,180,143 shares of the company’s stock worth $72,817,000 after buying an additional 479,325 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Kinetik by 5.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 83,212 shares of the company’s stock worth $2,779,000 after buying an additional 4,461 shares during the last quarter. American International Group Inc. boosted its stake in Kinetik by 5.5% in the 4th quarter. American International Group Inc. now owns 9,050 shares of the company’s stock worth $302,000 after buying an additional 474 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in Kinetik in the 4th quarter worth about $223,000. 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.