Kinetik Holdings Inc. (NASDAQ:KNTK) Receives $45.71 Consensus Target Price from Analysts

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

A number of equities analysts have recently issued reports on KNTK shares. Barclays increased their target price on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Royal Bank of Canada raised their target price on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. 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 note on Thursday, October 24th.

Hedge Funds Weigh In On Kinetik

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew 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 purchasing an additional 13,644 shares during the last quarter. Barclays PLC lifted its stake in Kinetik by 34.5% in the 3rd quarter. Barclays PLC now owns 234,286 shares of the company’s stock valued at $10,603,000 after buying an additional 60,058 shares in the last quarter. Y Intercept Hong Kong Ltd grew its holdings in Kinetik by 9.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 29,628 shares of the company’s stock valued at $1,341,000 after buying an additional 2,633 shares during the last quarter. Stifel Financial Corp purchased a new position in Kinetik during the third quarter worth $202,000. Finally, Point72 Asset Management L.P. raised its holdings in shares of Kinetik by 30.6% in the third quarter. Point72 Asset Management L.P. now owns 352,558 shares of the company’s stock worth $15,957,000 after acquiring an additional 82,600 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Price Performance

NASDAQ:KNTK opened at $61.65 on Tuesday. The firm has a market cap of $9.71 billion, a price-to-earnings ratio of 22.75, a price-to-earnings-growth ratio of 2.88 and a beta of 2.91. Kinetik has a 1-year low of $31.73 and a 1-year high of $62.55. The firm’s fifty day moving average price is $50.75 and its 200 day moving average price is $44.86.

Kinetik (NASDAQ:KNTK) last issued its quarterly 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 for the quarter, compared to analyst estimates of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company’s revenue was up 20.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.21 earnings per share. As a group, analysts expect that Kinetik will post 1.46 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were given a $0.78 dividend. The ex-dividend date of this dividend was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.06%. This is a boost from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio (DPR) is currently 115.13%.

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.