Kinetik Holdings Inc. (NASDAQ:KNTK) Receives $42.00 Consensus Price Target from Analysts

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) have earned a consensus rating of “Moderate Buy” from the eight ratings firms that are currently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $42.00.

A number of research analysts have issued reports on the stock. Scotiabank boosted their target price on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research note on Tuesday, July 2nd. Royal Bank of Canada boosted their target price on Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Finally, Barclays reaffirmed an “equal weight” rating and issued a $43.00 price objective on shares of Kinetik in a research note on Wednesday, July 10th.

Kinetik Stock Performance

NASDAQ:KNTK opened at $46.66 on Monday. The business’s 50-day simple moving average is $43.39 and its 200 day simple moving average is $41.30. The stock has a market cap of $7.17 billion, a price-to-earnings ratio of 19.09, a price-to-earnings-growth ratio of 2.52 and a beta of 2.91. Kinetik has a one year low of $31.31 and a one year high of $47.80.

Kinetik (NASDAQ:KNTK) last issued its earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.11. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The company had revenue of $359.50 million for the quarter, compared to analysts’ expectations of $305.94 million. During the same period in the prior year, the company earned $0.41 earnings per share. The firm’s revenue was up 21.4% compared to the same quarter last year. On average, equities research analysts predict that Kinetik will post 1.39 EPS for the current year.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 7th. Shareholders of record on Monday, July 29th were given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 6.43%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik’s dividend payout ratio is 122.95%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Sei Investments Co. increased its position in Kinetik by 367.6% during the first quarter. Sei Investments Co. now owns 55,663 shares of the company’s stock worth $2,219,000 after acquiring an additional 43,758 shares during the period. Swiss National Bank raised its position in shares of Kinetik by 39.5% during the 1st quarter. Swiss National Bank now owns 70,600 shares of the company’s stock valued at $2,815,000 after acquiring an additional 20,000 shares during the last quarter. Capstone Investment Advisors LLC acquired a new position in Kinetik in the first quarter valued at about $1,009,000. Susquehanna Fundamental Investments LLC bought a new position in Kinetik during the 1st quarter worth approximately $755,000. Finally, Castleark Management LLC bought a new stake in shares of Kinetik in the 1st quarter valued at $689,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.