Kinetik Holdings Inc. (NASDAQ:KNTK) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) have received an average rating of “Moderate Buy” from the seven research firms that are currently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $45.71.

Several analysts recently issued reports on KNTK shares. Barclays boosted their price objective on shares of Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Royal Bank of Canada upped their price objective on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Mizuho lifted their target price on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, October 24th.

Kinetik Stock Performance

Shares of Kinetik stock opened at $59.22 on Tuesday. The business’s 50 day moving average price is $51.02 and its 200 day moving average price is $45.05. The company has a market cap of $9.33 billion, a price-to-earnings ratio of 21.85, a PEG ratio of 2.86 and a beta of 2.91. Kinetik has a one year low of $31.73 and a one year high of $62.55.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings data 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 firm had revenue of $396.40 million for the quarter, compared to analyst estimates of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. Kinetik’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.21 earnings per share. On average, analysts predict that Kinetik will post 1.46 EPS for the current fiscal year.

Kinetik Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.27%. This is an increase from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date was Monday, October 28th. Kinetik’s dividend payout ratio (DPR) is 115.13%.

Institutional Trading of Kinetik

Institutional investors and hedge funds have recently made changes to their positions in the company. Blackstone Inc. raised its position in Kinetik by 13.8% in the 1st quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock valued at $474,977,000 after purchasing an additional 1,442,653 shares during the last quarter. Westwood Holdings Group Inc. lifted its position in Kinetik by 148.3% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock worth $93,636,000 after acquiring an additional 1,402,751 shares during the period. Vanguard Group Inc. raised its stake in shares of Kinetik by 52.0% during the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock worth $132,158,000 after purchasing an additional 1,134,570 shares during the last quarter. Yaupon Capital Management LP acquired a new stake in shares of Kinetik during the first quarter worth $30,867,000. Finally, HITE Hedge Asset Management LLC purchased a new position in Kinetik in the 2nd quarter valued at $13,550,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.