Brokerages Set Kinetik Holdings Inc. (NASDAQ:KNTK) Price Target at $45.71

Kinetik Holdings Inc. (NASDAQ:KNTK) has earned an average recommendation of “Moderate Buy” from the seven analysts that are covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $45.71.

A number of research analysts have recently commented on KNTK shares. Barclays increased their price objective on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Royal Bank of Canada increased their price objective on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Scotiabank increased their price objective on Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a report on Tuesday, July 2nd. Finally, Mizuho raised their target price on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday.

Institutional Trading of Kinetik

A number of hedge funds have recently modified their holdings of the company. Blackstone Inc. lifted its position in shares of Kinetik by 13.8% in the 1st quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock worth $474,977,000 after acquiring an additional 1,442,653 shares during the period. Vanguard Group Inc. lifted its position in shares of Kinetik by 52.0% in the 1st quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock worth $132,158,000 after acquiring an additional 1,134,570 shares during the period. Westwood Holdings Group Inc. lifted its position in shares of Kinetik by 148.3% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock worth $93,636,000 after acquiring an additional 1,402,751 shares during the period. Kayne Anderson Capital Advisors LP lifted its position in shares of Kinetik by 1,992.8% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company’s stock worth $46,448,000 after acquiring an additional 1,109,308 shares during the period. Finally, Yaupon Capital Management LP bought a new stake in shares of Kinetik in the 1st quarter worth approximately $30,867,000. Institutional investors own 21.11% of the company’s stock.

Kinetik Price Performance

Shares of KNTK stock opened at $49.64 on Friday. The firm has a market cap of $7.63 billion, a P/E ratio of 20.34, a PEG ratio of 2.38 and a beta of 2.91. The stock’s 50-day moving average is $46.26 and its two-hundred day moving average is $42.64. Kinetik has a fifty-two week low of $31.73 and a fifty-two week high of $51.97.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.11. The business had revenue of $359.50 million for the quarter, compared to analyst estimates of $305.94 million. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The firm’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.41 EPS. As a group, research analysts expect that Kinetik will post 1.44 EPS for the current year.

Kinetik Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Shareholders of record on Monday, October 28th will be issued a $0.78 dividend. The ex-dividend date is Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a yield of 6.29%. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio (DPR) is 127.87%.

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.