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

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

A number of research analysts have weighed in on the company. Royal Bank of Canada increased their price target on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Citigroup raised their price target on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. The Goldman Sachs Group upped their price objective on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Barclays raised their target price 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. Finally, Mizuho upped their price target on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th.

Kinetik Trading Up 1.4 %

Shares of KNTK stock opened at $59.30 on Wednesday. Kinetik has a twelve month low of $31.73 and a twelve month high of $62.55. The company has a market capitalization of $9.34 billion, a price-to-earnings ratio of 21.88, a PEG ratio of 2.85 and a beta of 2.91. The firm has a 50-day moving average price of $56.75 and a 200 day moving average price of $48.80.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The firm had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. During the same period in the prior year, the firm earned $0.21 EPS. The business’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, research analysts predict that Kinetik will post 1.35 earnings per share for the current year.

Kinetik Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 5.26%. This is a boost from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Monday, October 28th. Kinetik’s payout ratio is 115.13%.

Institutional Investors Weigh In On Kinetik

Several large investors have recently made changes to their positions in KNTK. GAMMA Investing LLC grew its stake in shares of Kinetik by 72.0% in the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after buying an additional 213 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Kinetik by 53.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 157,858 shares of the company’s stock worth $7,145,000 after acquiring an additional 55,050 shares during the period. Principal Financial Group Inc. acquired a new stake in Kinetik in the third quarter valued at approximately $921,000. Geode Capital Management LLC raised its stake in shares of Kinetik by 1.6% during the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock valued at $39,742,000 after purchasing an additional 13,644 shares during the period. Finally, Barclays PLC lifted its position in shares of Kinetik by 34.5% during the third quarter. Barclays PLC now owns 234,286 shares of the company’s stock worth $10,603,000 after purchasing an additional 60,058 shares in the last quarter. 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.