Kinetik (NASDAQ:KNTK) Trading Down 5.1%

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) traded down 5.1% during trading on Thursday . The company traded as low as $44.81 and last traded at $44.81. 163,902 shares changed hands during trading, a decline of 68% from the average session volume of 515,685 shares. The stock had previously closed at $47.21.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on KNTK shares. Scotiabank lifted their price objective on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a report on Tuesday, July 2nd. Barclays restated an “equal weight” rating and set a $43.00 price target on shares of Kinetik in a research note on Wednesday, July 10th. Finally, Royal Bank of Canada boosted their price target on shares of Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.00.

Kinetik Trading Down 5.0 %

The stock has a market cap of $7.06 billion, a PE ratio of 19.35, a P/E/G ratio of 2.52 and a beta of 2.91. The business has a 50 day moving average of $43.35 and a 200-day moving average of $41.02.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, beating 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 business had revenue of $359.50 million during the quarter, compared to the consensus estimate of $305.94 million. During the same quarter last year, the firm posted $0.41 EPS. The business’s revenue was up 21.4% compared to the same quarter last year. Research analysts expect that Kinetik Holdings Inc. will post 1.39 EPS for the current fiscal year.

Kinetik Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 7th. Investors of record on Monday, July 29th were given a $0.75 dividend. The ex-dividend date of this dividend was Monday, July 29th. This represents a $3.00 annualized dividend and a dividend yield of 6.69%. Kinetik’s dividend payout ratio is presently 122.95%.

Institutional Trading of Kinetik

Institutional investors have recently added to or reduced their stakes in the business. Sei Investments Co. grew its holdings in Kinetik by 367.6% during the 1st quarter. Sei Investments Co. now owns 55,663 shares of the company’s stock valued at $2,219,000 after purchasing an additional 43,758 shares in the last quarter. Swiss National Bank lifted its position in shares of Kinetik by 39.5% during the first quarter. Swiss National Bank now owns 70,600 shares of the company’s stock worth $2,815,000 after purchasing an additional 20,000 shares during the last quarter. Monashee Investment Management LLC bought a new stake in Kinetik in the fourth quarter valued at about $2,168,000. Capstone Investment Advisors LLC bought a new position in Kinetik during the 1st quarter worth approximately $1,009,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Kinetik in the 1st quarter worth approximately $755,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.