Kinetik (NASDAQ:KNTK) Posts Quarterly Earnings Results

Kinetik (NASDAQ:KNTK) issued its quarterly earnings data on Wednesday. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.17), Briefing.com reports. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The business had revenue of $396.40 million during the quarter, compared to analysts’ expectations of $331.21 million. During the same quarter last year, the business posted $0.21 EPS. The company’s quarterly revenue was up 20.0% on a year-over-year basis.

Kinetik Price Performance

NASDAQ KNTK traded up $3.94 during trading hours on Thursday, reaching $56.42. 1,246,903 shares of the stock traded hands, compared to its average volume of 512,415. The stock has a 50 day simple moving average of $47.26 and a two-hundred day simple moving average of $43.20. Kinetik has a 1 year low of $31.73 and a 1 year high of $57.15. The company has a market cap of $8.89 billion, a price-to-earnings ratio of 22.18, a price-to-earnings-growth ratio of 2.29 and a beta of 2.91.

Kinetik Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 7th. Shareholders of record on Monday, October 28th will be given a dividend of $0.78 per share. This is an increase from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a yield of 5.53%. Kinetik’s dividend payout ratio (DPR) is presently 121.40%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Royal Bank of Canada increased their price objective on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Barclays increased their price objective on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Finally, Mizuho increased their price objective on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Kinetik presently has a consensus rating of “Moderate Buy” and an average target price of $45.71.

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.