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

Kinetik Holdings Inc. (NASDAQ:KNTK) has been assigned a consensus rating of “Moderate Buy” from the eight ratings firms that are currently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $53.00.

KNTK has been the subject of several research analyst reports. Citigroup lifted their price objective on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Mizuho upped their price target on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Barclays increased their price objective on shares of Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Royal Bank of Canada boosted their target price on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, The Goldman Sachs Group lifted their price target on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday.

Kinetik Stock Up 5.8 %

Shares of NASDAQ KNTK opened at $57.76 on Friday. The firm’s 50-day moving average price is $54.73 and its 200-day moving average price is $47.09. Kinetik has a 52-week low of $31.73 and a 52-week high of $62.55. The company has a market cap of $9.10 billion, a PE ratio of 21.31, a PEG ratio of 2.83 and a beta of 2.95.

Kinetik (NASDAQ:KNTK) last issued its 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 company had revenue of $396.40 million during the quarter, compared to analysts’ expectations of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.21 EPS. As a group, equities research analysts anticipate that Kinetik will post 1.35 EPS for the current fiscal year.

Kinetik Increases Dividend

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

Institutional Trading of Kinetik

Several institutional investors and hedge funds have recently modified their holdings of KNTK. HITE Hedge Asset Management LLC bought a new stake in Kinetik during the 2nd quarter valued at approximately $13,550,000. Renaissance Technologies LLC raised its position in shares of Kinetik by 88.3% during the second quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock valued at $26,271,000 after buying an additional 297,200 shares during the last quarter. SIR Capital Management L.P. bought a new stake in shares of Kinetik during the second quarter valued at approximately $11,537,000. Merewether Investment Management LP lifted its holdings in shares of Kinetik by 56.6% in the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock worth $29,976,000 after buying an additional 239,500 shares in the last quarter. Finally, Gilman Hill Asset Management LLC boosted its position in shares of Kinetik by 551.6% during the third quarter. Gilman Hill Asset Management LLC now owns 244,524 shares of the company’s stock worth $11,067,000 after acquiring an additional 206,999 shares during the last quarter. 21.11% of the stock is currently owned by 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.