Kinetik (NASDAQ:KNTK) Coverage Initiated at Barclays

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

Other equities research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. lifted their price target on shares of Kinetik from $40.00 to $43.00 and gave the stock an overweight rating in a research report on Wednesday, April 17th. Royal Bank of Canada assumed coverage on shares of Kinetik in a report on Monday, March 25th. They set an outperform rating and a $40.00 target price for the company. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Kinetik currently has an average rating of Hold and an average target price of $40.00.

Kinetik Price Performance

KNTK stock opened at $39.20 on Monday. Kinetik has a fifty-two week low of $26.32 and a fifty-two week high of $40.42. The stock has a market capitalization of $6.02 billion, a price-to-earnings ratio of 17.34, a P/E/G ratio of 2.35 and a beta of 2.80. The business has a fifty day moving average price of $37.03 and a 200 day moving average price of $35.27.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $1.24. The firm had revenue of $348.87 million for the quarter, compared to the consensus estimate of $301.49 million. Kinetik had a negative return on equity of 49.32% and a net margin of 28.57%. The business’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 business earned $0.25 EPS. On average, equities analysts expect that Kinetik will post 2 earnings per share for the current fiscal year.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Monday, April 29th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 7.65%. The ex-dividend date of this dividend is Friday, April 26th. Kinetik’s dividend payout ratio (DPR) is presently 132.74%.

Insider Buying and Selling

In other news, insider Matthew Wall sold 5,750 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $21,107,228.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Kinetik news, insider Matthew Wall sold 5,750 shares of Kinetik stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $39.82, for a total value of $228,965.00. Following the sale, the insider now owns 530,066 shares of the company’s stock, valued at approximately $21,107,228.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Trevor Howard sold 7,000 shares of the company’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $37.62, for a total value of $263,340.00. Following the transaction, the insider now directly owns 198,411 shares of the company’s stock, valued at $7,464,221.82. The disclosure for this sale can be found here. In the last three months, insiders sold 13,095,803 shares of company stock valued at $442,051,135. 3.71% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Kinetik

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ronald Blue Trust Inc. bought a new stake in shares of Kinetik during the 3rd quarter worth approximately $37,000. Virtu Financial LLC bought a new position in shares of Kinetik in the 4th quarter valued at about $223,000. Principal Financial Group Inc. acquired a new position in shares of Kinetik during the 3rd quarter worth about $232,000. Arizona State Retirement System bought a new stake in shares of Kinetik in the 4th quarter valued at about $240,000. Finally, SG Americas Securities LLC acquired a new position in Kinetik during the third quarter worth approximately $245,000. 21.11% of the stock is owned by 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.