Kinetik Holdings Inc. (NASDAQ:KNTK) Receives Average Recommendation of “Moderate Buy” from Brokerages

Kinetik Holdings Inc. (NASDAQ:KNTK) has been assigned a consensus recommendation of “Moderate Buy” from the eight research firms that are currently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $55.00.

Several brokerages have commented on KNTK. Barclays boosted their price target on shares of Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Mizuho increased their target price on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Wells Fargo & Company raised their target price on shares of Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. The Goldman Sachs Group upped their price target on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, Royal Bank of Canada raised their price objective on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th.

Institutional Trading of Kinetik

Several hedge funds and other institutional investors have recently modified their holdings of KNTK. GAMMA Investing LLC lifted its stake in Kinetik by 72.0% in the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after acquiring an additional 213 shares in the last quarter. Ashton Thomas Securities LLC acquired a new position in shares of Kinetik in the 3rd quarter valued at about $46,000. Blue Trust Inc. increased its holdings in shares of Kinetik by 244.9% in the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after purchasing an additional 2,699 shares during the period. CWM LLC lifted its position in shares of Kinetik by 2,030.9% in the third quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after purchasing an additional 3,615 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of Kinetik during the second quarter worth approximately $187,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Price Performance

NASDAQ KNTK opened at $60.43 on Wednesday. Kinetik has a 12 month low of $31.73 and a 12 month high of $62.55. The firm has a market capitalization of $9.52 billion, a PE ratio of 22.30, a P/E/G ratio of 2.85 and a beta of 2.91. The company’s 50 day simple moving average is $57.44 and its 200 day simple moving average is $49.21.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings results 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 net margin of 30.25% and a negative return on equity of 39.48%. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.21 earnings per share. Sell-side analysts anticipate that Kinetik will post 1.35 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were paid a dividend of $0.78 per share. This is an increase from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a yield of 5.16%. The ex-dividend date was Monday, October 28th. Kinetik’s payout ratio is 115.13%.

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.