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 twelve ratings firms that are presently covering the stock, Marketbeat Ratings reports. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $40.50.

Several research firms have recently commented on KNTK. Scotiabank lifted their price target on shares of Kinetik from $38.00 to $42.00 and gave the company a “sector outperform” rating in a report on Friday, May 10th. Barclays initiated coverage on shares of Kinetik in a research note on Monday, April 22nd. They issued an “equal weight” rating and a $40.00 price target for the company. Wells Fargo & Company upped their price target on shares of Kinetik from $37.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 14th. Mizuho increased their target price on shares of Kinetik from $39.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Finally, Royal Bank of Canada started coverage on shares of Kinetik in a research note on Monday, March 25th. They issued an “outperform” rating and a $40.00 price objective on the stock.

Insiders Place Their Bets

In other news, insider Matthew Wall sold 5,750 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $39.82, for a total value of $228,965.00. Following the completion of the transaction, the insider now owns 530,066 shares of the company’s stock, valued at $21,107,228.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.71% of the company’s stock.

Institutional Trading of Kinetik

Several large investors have recently modified their holdings of KNTK. Ameritas Investment Partners Inc. raised its stake in shares of Kinetik by 112.8% during the 1st 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. EntryPoint Capital LLC boosted its stake in Kinetik by 109.8% in the first quarter. EntryPoint Capital LLC now owns 4,709 shares of the company’s stock worth $188,000 after buying an additional 2,464 shares in the last quarter. Virtu Financial LLC purchased a new stake in Kinetik in the fourth quarter worth approximately $223,000. Arizona State Retirement System bought a new stake in Kinetik in the fourth quarter valued at approximately $240,000. Finally, Graham Capital Management L.P. bought a new stake in Kinetik in the third quarter valued at approximately $252,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Trading Down 1.5 %

Shares of KNTK stock opened at $39.62 on Friday. The company’s fifty day simple moving average is $39.63 and its 200-day simple moving average is $36.47. Kinetik has a 52 week low of $31.31 and a 52 week high of $41.77. The company has a market cap of $6.09 billion, a PE ratio of 16.24, a P/E/G ratio of 2.47 and a beta of 2.83.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.32). The firm had revenue of $341.39 million for the quarter, compared to analyst estimates of $277.52 million. Kinetik had a net margin of 29.62% and a negative return on equity of 48.03%. Kinetik’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.06) earnings per share. Equities research analysts expect that Kinetik will post 1.15 EPS for the current fiscal year.

Kinetik Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Monday, April 29th were given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 7.57%. The ex-dividend date of this dividend was Friday, April 26th. Kinetik’s payout ratio is presently 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.