Kinetik (NASDAQ:KNTK) Receives New Coverage from Analysts at Barclays

Barclays started coverage on shares of Kinetik (NASDAQ:KNTK) in a research report sent to investors on Monday, MarketBeat reports. The brokerage issued an equal weight rating and a $40.00 price target on the stock.

Several other brokerages also recently issued reports on KNTK. JPMorgan Chase & Co. upped their price objective on shares of Kinetik from $40.00 to $43.00 and gave the company an overweight rating in a research note on Wednesday, April 17th. Royal Bank of Canada began coverage on Kinetik in a research report on Monday, March 25th. They issued an outperform rating and a $40.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Kinetik presently has an average rating of Hold and an average price target of $40.00.

Kinetik Price Performance

KNTK opened at $39.20 on Monday. Kinetik has a 1-year low of $26.32 and a 1-year high of $40.42. The stock has a market cap of $6.02 billion, a P/E ratio of 17.34, a P/E/G ratio of 2.35 and a beta of 2.80. The stock’s 50 day simple moving average is $37.03 and its 200 day simple moving average is $35.27.

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

Kinetik Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Monday, April 29th will be paid 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 7.65%. Kinetik’s dividend payout ratio is presently 132.74%.

Insider Transactions at Kinetik

In other news, major shareholder Corp Apache sold 13,079,871 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $33.75, for a total transaction of $441,445,646.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Matthew Wall sold 5,750 shares of the 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 sale, the insider now directly owns 530,066 shares in the company, valued at approximately $21,107,228.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Corp Apache sold 13,079,871 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was 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. Insiders have sold a total of 13,095,803 shares of company stock worth $442,051,135 in the last three months. 3.71% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Kinetik

Several hedge funds have recently modified their holdings of KNTK. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in Kinetik by 200.9% in the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 338,373 shares of the company’s stock valued at $13,491,000 after acquiring an additional 225,918 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Kinetik by 1.6% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 63,335 shares of the company’s stock worth $2,525,000 after buying an additional 1,000 shares during the period. Miller Howard Investments Inc. NY acquired a new position in Kinetik in the 1st quarter worth $2,927,000. Virtu Financial LLC purchased a new position in Kinetik in the 4th quarter valued at about $223,000. Finally, Blackstone Inc. grew its stake in shares of Kinetik by 15.9% during the fourth quarter. Blackstone Inc. now owns 10,470,501 shares of the company’s stock valued at $349,715,000 after acquiring an additional 1,433,616 shares in the last quarter. 21.11% of the stock is currently 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.