Kinetik (NASDAQ:KNTK) Trading Down 4.4% – What’s Next?

Kinetik Holdings Inc. (NASDAQ:KNTK)’s stock price traded down 4.4% on Friday . The stock traded as low as $49.27 and last traded at $49.30. Approximately 480,540 shares traded hands during trading, a decline of 5% from the average daily volume of 508,293 shares. The stock had previously closed at $51.58.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on KNTK shares. Barclays upped their target price on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Scotiabank increased their price target on Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, July 2nd. Royal Bank of Canada boosted their price objective on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Mizuho upped their price objective on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $45.71.

Kinetik Stock Performance

The firm’s 50 day simple moving average is $46.14 and its 200-day simple moving average is $42.52. The company has a market cap of $7.63 billion, a price-to-earnings ratio of 21.14, a PEG ratio of 2.60 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.11. The company had revenue of $359.50 million for the quarter, compared to analyst estimates of $305.94 million. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The firm’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.41 earnings per share. As a group, sell-side analysts expect that Kinetik Holdings Inc. will post 1.39 EPS for the current fiscal year.

Kinetik Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Shareholders of record on Monday, October 28th will be paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 6.29%. The ex-dividend date is Monday, October 28th. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio (DPR) is 127.87%.

Hedge Funds Weigh In On Kinetik

A number of hedge funds have recently made changes to their positions in the stock. Blackstone Inc. grew its stake in shares of Kinetik by 13.8% in the first quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock valued at $474,977,000 after buying an additional 1,442,653 shares in the last quarter. Vanguard Group Inc. increased its stake in Kinetik by 52.0% during the 1st quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock worth $132,158,000 after buying an additional 1,134,570 shares during the period. Westwood Holdings Group Inc. increased its stake in Kinetik by 148.3% in the first quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock valued at $93,636,000 after purchasing an additional 1,402,751 shares during the last quarter. Kayne Anderson Capital Advisors LP lifted its position in shares of Kinetik by 1,992.8% during the 1st quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company’s stock worth $46,448,000 after buying an additional 1,109,308 shares during the last quarter. Finally, Yaupon Capital Management LP acquired a new position in shares of Kinetik in the 1st quarter valued at $30,867,000. 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.