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

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) have earned an average recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the firm, MarketBeat.com reports. Five 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 updated their coverage on the stock in the last year is $42.00.

KNTK has been the subject of several analyst reports. Royal Bank of Canada boosted their price target on shares of Kinetik from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Thursday. Scotiabank upped their target price on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, July 2nd. Barclays restated an “equal weight” rating and issued a $43.00 price target on shares of Kinetik in a research note on Wednesday, July 10th. Wells Fargo & Company boosted their price objective on Kinetik from $37.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 14th. Finally, Mizuho raised their target price on Kinetik from $39.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd.

Hedge Funds Weigh In On Kinetik

Hedge funds have recently made changes to their positions in the business. American Financial Group Inc. raised its position in shares of Kinetik by 3.8% during the first quarter. American Financial Group Inc. now owns 13,500 shares of the company’s stock worth $538,000 after purchasing an additional 500 shares during the period. Beach Investment Counsel Inc. PA purchased a new position in Kinetik during the 2nd quarter worth approximately $27,000. Raymond James Financial Services Advisors Inc. raised its position in Kinetik by 1.6% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 63,335 shares of the company’s stock valued at $2,525,000 after buying an additional 1,000 shares during the period. Commonwealth Equity Services LLC boosted its position in Kinetik by 3.8% during the 1st quarter. Commonwealth Equity Services LLC now owns 38,264 shares of the company’s stock worth $1,526,000 after acquiring an additional 1,387 shares during the period. Finally, Ameritas Investment Partners Inc. boosted its holdings in shares of Kinetik by 112.8% during the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock worth $145,000 after purchasing an additional 1,926 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Price Performance

Kinetik stock opened at $43.70 on Friday. The company has a market cap of $6.71 billion, a PE ratio of 17.91, a P/E/G ratio of 2.58 and a beta of 2.96. Kinetik has a 12 month low of $31.31 and a 12 month high of $45.27. The company has a fifty day moving average price of $41.60 and a two-hundred day moving average price of $38.80.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.11. Kinetik had a net margin of 29.62% and a negative return on equity of 48.03%. The business had revenue of $359.50 million during the quarter, compared to the consensus estimate of $305.94 million. During the same quarter in the prior year, the firm earned $0.41 EPS. The company’s revenue for the quarter was up 21.4% compared to the same quarter last year. Equities research analysts anticipate that Kinetik will post 1.15 earnings per share for the current year.

Kinetik Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th were issued a $0.75 dividend. The ex-dividend date was Monday, July 29th. This represents a $3.00 annualized dividend and a dividend yield of 6.86%. Kinetik’s dividend payout ratio (DPR) is 122.95%.

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.