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

Kinetik Holdings Inc. (NASDAQ:KNTK) has been given an average recommendation of “Moderate Buy” by the seven ratings firms that are covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $45.71.

KNTK has been the topic of several research analyst reports. Mizuho boosted their price target on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Royal Bank of Canada upped 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, Barclays lifted their price target on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Versor Investments LP purchased a new position in shares of Kinetik during the 3rd quarter worth about $543,000. Sei Investments Co. boosted its holdings in shares of Kinetik by 367.6% in 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 during the last quarter. Swiss National Bank increased its holdings in shares of Kinetik by 39.5% during the 1st quarter. Swiss National Bank now owns 70,600 shares of the company’s stock worth $2,815,000 after buying an additional 20,000 shares during the last quarter. Castleark Management LLC acquired a new stake in shares of Kinetik during the 1st quarter worth $689,000. Finally, Eos Management L.P. raised its position in shares of Kinetik by 84.9% in the 3rd quarter. Eos Management L.P. now owns 27,000 shares of the company’s stock worth $1,222,000 after buying an additional 12,400 shares during the period. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Trading Down 3.9 %

Shares of KNTK opened at $59.22 on Tuesday. The firm has a market capitalization of $9.33 billion, a PE ratio of 21.85, a P/E/G ratio of 2.86 and a beta of 2.91. The stock’s 50 day moving average is $51.02 and its two-hundred day moving average is $45.05. Kinetik has a twelve month low of $31.73 and a twelve month high of $62.55.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.10). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The business had revenue of $396.40 million during the quarter, compared to analysts’ expectations of $331.21 million. During the same quarter in the previous year, the company posted $0.21 EPS. The company’s revenue was up 20.0% compared to the same quarter last year. On average, sell-side analysts predict that Kinetik will post 1.46 EPS for the current year.

Kinetik Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were paid a dividend of $0.78 per share. This is an increase from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date was Monday, October 28th. This represents a $3.12 annualized dividend and a dividend yield of 5.27%. Kinetik’s dividend payout ratio is presently 115.13%.

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.