Kinetik Holdings Inc. (NASDAQ:KNTK) Receives $45.71 Average PT from Brokerages

Kinetik Holdings Inc. (NASDAQ:KNTK) has received a consensus recommendation of “Moderate Buy” from the eight brokerages that are currently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $53.00.

KNTK has been the topic of several research reports. Citigroup lifted their price objective on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Barclays lifted their price target on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Mizuho increased their price objective on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Wells Fargo & Company boosted their target price on shares of Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, Royal Bank of Canada increased their price target on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th.

Kinetik Stock Up 5.8 %

Shares of Kinetik stock opened at $57.76 on Friday. The company has a market cap of $9.10 billion, a PE ratio of 21.31, a P/E/G ratio of 2.83 and a beta of 2.95. The business has a 50 day moving average of $54.73 and a 200 day moving average of $47.09. Kinetik has a 52 week low of $31.73 and a 52 week high of $62.55.

Kinetik (NASDAQ:KNTK) last posted its earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.10). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company had revenue of $396.40 million during the quarter, compared to analysts’ expectations of $331.21 million. During the same period in the prior year, the business posted $0.21 earnings per share. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. On average, research analysts anticipate that Kinetik will post 1.35 earnings per share for the current year.

Kinetik Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 5.40%. The ex-dividend date was Monday, October 28th. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s payout ratio is currently 115.13%.

Institutional Trading of Kinetik

Institutional investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Kinetik by 14.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,867 shares of the company’s stock worth $356,000 after buying an additional 983 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in Kinetik in the 3rd quarter worth approximately $46,000. SL Advisors LLC raised its holdings in Kinetik by 5.0% in the 3rd quarter. SL Advisors LLC now owns 21,927 shares of the company’s stock worth $992,000 after acquiring an additional 1,037 shares during the last quarter. Van ECK Associates Corp lifted its position in Kinetik by 19.6% in the 2nd quarter. Van ECK Associates Corp now owns 14,143 shares of the company’s stock valued at $586,000 after acquiring an additional 2,318 shares in the last quarter. Finally, SG Americas Securities LLC boosted its stake in Kinetik by 71.9% during the 3rd quarter. SG Americas Securities LLC now owns 5,678 shares of the company’s stock valued at $257,000 after purchasing an additional 2,375 shares during the last quarter. 21.11% of the stock is 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.