Kinetik Holdings Inc. (NASDAQ:KNTK) Receives Consensus Rating of "Moderate Buy" from Brokerages

Kinetik Holdings Inc. (NASDAQ:KNTK - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the seven brokerages that are covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $45.71.

Several equities research analysts have recently issued reports on the company. Mizuho raised their target price on Kinetik from $47.00 to $55.00 and gave the company an "outperform" rating in a research report on Thursday. Scotiabank raised 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. Royal Bank of Canada boosted their target price on shares of Kinetik from $46.00 to $52.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Finally, Barclays raised their price target on shares of Kinetik from $43.00 to $47.00 and gave the stock an "equal weight" rating in a research note on Monday, October 14th.

Kinetik Trading Down 3.8 %

Shares of KNTK traded down $1.94 during trading hours on Friday, reaching $49.64. 1,233,493 shares of the stock traded hands, compared to its average volume of 511,930. Kinetik has a 52 week low of $31.73 and a 52 week high of $51.97. The company has a market cap of $7.63 billion, a price-to-earnings ratio of 20.34, a PEG ratio of 2.60 and a beta of 2.91. The stock has a fifty day simple moving average of $46.14 and a 200 day simple moving average of $42.52.

Kinetik (NASDAQ:KNTK - Get Free Report) last announced 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. The firm had revenue of $359.50 million for the quarter, compared to the consensus estimate of $305.94 million. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The company's revenue was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.41 EPS. Analysts predict that Kinetik will post 1.39 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 7th. Investors of record on Monday, October 28th will be paid a dividend of $0.78 per share. This is a boost from Kinetik's previous quarterly dividend of $0.75. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.29%. The ex-dividend date is Monday, October 28th. Kinetik's dividend payout ratio is presently 127.87%.

Institutional Investors Weigh In On Kinetik

Hedge funds and other institutional investors have recently bought and sold shares of the business. Beach Investment Counsel Inc. PA purchased a new position in shares of Kinetik in the second quarter valued at $27,000. Ameritas Investment Partners Inc. increased its position in shares of Kinetik by 112.8% during the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company's stock valued at $145,000 after buying an additional 1,926 shares during the period. Blue Trust Inc. lifted its holdings in shares of Kinetik by 244.9% in the third quarter. Blue Trust Inc. now owns 3,801 shares of the company's stock worth $158,000 after buying an additional 2,699 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in Kinetik by 270.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company's stock worth $159,000 after acquiring an additional 2,803 shares during the period. Finally, CWM LLC boosted its holdings in Kinetik by 2,030.9% in the 3rd quarter. CWM LLC now owns 3,793 shares of the company's stock valued at $172,000 after purchasing an additional 3,615 shares during the period. Institutional investors 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.