Kinetik Holdings Inc. (NASDAQ:KNTK) Given Average Rating of "Moderate Buy" by Brokerages

Kinetik Holdings Inc. (NASDAQ:KNTK - Get Free Report) has earned a consensus rating of "Moderate Buy" from the eight analysts that are currently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $53.00.

A number of equities research analysts recently commented on the company. Mizuho upped their target price on Kinetik from $47.00 to $55.00 and gave the company an "outperform" rating in a research report on Thursday, October 24th. Wells Fargo & Company upped their price objective on shares of Kinetik from $58.00 to $60.00 and gave the company an "equal weight" rating in a report on Wednesday, December 18th. Royal Bank of Canada raised their target price on shares of Kinetik from $46.00 to $52.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. Barclays upped their price target on shares of Kinetik from $43.00 to $47.00 and gave the company an "equal weight" rating in a report on Monday, October 14th. Finally, The Goldman Sachs Group lifted their price objective on Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a research note on Thursday, December 19th.

Kinetik Trading Up 0.4 %

Shares of NASDAQ KNTK traded up $0.25 during midday trading on Wednesday, reaching $59.67. The company had a trading volume of 439,055 shares, compared to its average volume of 540,131. Kinetik has a 1 year low of $31.73 and a 1 year high of $62.55. The business's 50-day simple moving average is $56.75 and its 200 day simple moving average is $48.80. The stock has a market cap of $9.40 billion, a P/E ratio of 22.02, a P/E/G ratio of 2.85 and a beta of 2.91.

Kinetik (NASDAQ:KNTK - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.45 by ($0.10). The firm had revenue of $396.40 million during the quarter, compared to analysts' expectations of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The business's revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the business earned $0.21 EPS. 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. Investors of record on Monday, October 28th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 5.23%. The ex-dividend date was Monday, October 28th. This is a positive change from Kinetik's previous quarterly dividend of $0.75. Kinetik's payout ratio is currently 115.13%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted its position in shares of Kinetik by 1.6% in the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company's stock valued at $39,742,000 after acquiring an additional 13,644 shares in the last quarter. Merewether Investment Management LP lifted its holdings in Kinetik by 56.6% in the 3rd quarter. Merewether Investment Management LP now owns 662,300 shares of the company's stock valued at $29,976,000 after purchasing an additional 239,500 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Kinetik by 88.3% in the 2nd quarter. Renaissance Technologies LLC now owns 633,962 shares of the company's stock valued at $26,271,000 after purchasing an additional 297,200 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Kinetik by 70.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company's stock worth $18,927,000 after purchasing an additional 188,533 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in shares of Kinetik by 15.7% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 398,136 shares of the company's stock worth $18,020,000 after buying an additional 54,000 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

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.