Kinetik (NASDAQ:KNTK) Coverage Initiated by Analysts at Barclays

Barclays began coverage on shares of Kinetik (NASDAQ:KNTK) in a report issued on Monday morning, Marketbeat.com reports. The firm issued an equal weight rating and a $40.00 target price 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 issued an outperform rating and a $40.00 price target on the stock. JPMorgan Chase & Co. increased their price objective on Kinetik from $40.00 to $43.00 and gave the stock an overweight rating in a research note on Wednesday, April 17th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Hold and a consensus target price of $39.70.

Kinetik Stock Performance

Shares of NASDAQ KNTK opened at $38.99 on Monday. The business’s 50 day moving average price is $36.76 and its 200-day moving average price is $35.21. Kinetik has a fifty-two week low of $26.32 and a fifty-two week high of $40.42. The company has a market cap of $5.99 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 2.37 and a beta of 2.80.

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 for the quarter, compared to the consensus estimate of $301.49 million. During the same period in the prior year, the business posted $0.25 earnings per share. The company’s revenue for the quarter was up 18.1% on a year-over-year basis. Sell-side analysts predict that Kinetik will post 2 earnings per share for the current year.

Kinetik Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Monday, April 29th will be given a dividend of $0.75 per share. The ex-dividend date is Friday, April 26th. This represents a $3.00 annualized dividend and a yield of 7.69%. Kinetik’s dividend payout ratio (DPR) is presently 132.74%.

Insider Buying and Selling at Kinetik

In other Kinetik news, insider Anne Psencik sold 3,182 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $35.57, for a total transaction of $113,183.74. Following the sale, the insider now owns 247,128 shares of the company’s stock, valued at approximately $8,790,342.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Kinetik news, insider Anne Psencik sold 3,182 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $35.57, for a total transaction of $113,183.74. Following the sale, the insider now owns 247,128 shares of the company’s stock, valued at approximately $8,790,342.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Corp Apache sold 13,079,871 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $33.75, for a total value of $441,445,646.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,095,803 shares of company stock valued at $442,051,135. 3.62% of the stock is currently owned by corporate insiders.

Institutional Trading of Kinetik

Several hedge funds and other institutional investors have recently made changes to their positions in KNTK. Blackstone Inc. lifted its holdings in shares of Kinetik by 15.9% during the 4th quarter. Blackstone Inc. now owns 10,470,501 shares of the company’s stock valued at $349,715,000 after purchasing an additional 1,433,616 shares during the last quarter. Westwood Holdings Group Inc. purchased a new stake in shares of Kinetik during the 4th quarter valued at $31,589,000. Chickasaw Capital Management LLC lifted its holdings in shares of Kinetik by 217.0% during the 4th quarter. Chickasaw Capital Management LLC now owns 722,326 shares of the company’s stock valued at $24,126,000 after purchasing an additional 494,453 shares during the last quarter. Cohen & Steers Inc. lifted its holdings in shares of Kinetik by 97.5% during the 4th quarter. Cohen & Steers Inc. now owns 762,940 shares of the company’s stock valued at $25,482,000 after purchasing an additional 376,732 shares during the last quarter. Finally, Ghisallo Capital Management LLC purchased a new stake in shares of Kinetik during the 4th quarter valued at $7,181,000. 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.