Brokerages Set Kinetik Holdings Inc. (NASDAQ:KNTK) Price Target at $53.00

Kinetik Holdings Inc. (NASDAQ:KNTK) has been assigned a consensus rating of “Moderate Buy” from the eight brokerages that are covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $55.00.

A number of brokerages have recently issued reports on KNTK. Royal Bank of Canada upped 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. Wells Fargo & Company upped their price objective on Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Scotiabank began coverage on Kinetik in a research report on Friday. They issued a “sector outperform” rating and a $64.00 target price for the company. Barclays upped their price target on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Finally, Mizuho lifted their price objective on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th.

Kinetik Stock Up 1.3 %

KNTK stock opened at $60.43 on Wednesday. The company has a market capitalization of $9.52 billion, a PE ratio of 22.30, a P/E/G ratio of 2.85 and a beta of 2.91. The stock’s 50 day moving average is $57.44 and its two-hundred day moving average is $49.21. Kinetik has a 52-week low of $31.73 and a 52-week high of $62.55.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings results 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 net margin of 30.25% and a negative return on equity of 39.48%. The company had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. During the same period in the prior year, the company earned $0.21 earnings per share. The company’s revenue was up 20.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Kinetik will post 1.35 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 given a $0.78 dividend. The ex-dividend date of this dividend was Monday, October 28th. This is an increase from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a yield of 5.16%. Kinetik’s dividend payout ratio (DPR) is currently 115.13%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Harbor Capital Advisors Inc. boosted its position in shares of Kinetik by 2.0% during the fourth quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company’s stock worth $515,000 after buying an additional 174 shares during the period. GAMMA Investing LLC raised its stake in Kinetik by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after acquiring an additional 213 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Kinetik by 53.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 157,858 shares of the company’s stock worth $7,145,000 after acquiring an additional 55,050 shares during the period. Principal Financial Group Inc. bought a new position in shares of Kinetik in the third quarter worth $921,000. Finally, Geode Capital Management LLC grew its stake 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 worth $39,742,000 after purchasing an additional 13,644 shares in the last quarter. 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.