Kinetik Holdings Inc. (NASDAQ:KNTK) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Kinetik Holdings Inc. (NASDAQ:KNTK) has been assigned a consensus recommendation of “Moderate Buy” from the seven analysts that are covering the stock, 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 1-year price objective among brokers that have issued ratings on the stock in the last year is $45.71.

Several equities research analysts recently commented on the stock. Royal Bank of Canada boosted their price target 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 objective on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Finally, Mizuho boosted 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.

Kinetik Stock Performance

Shares of NASDAQ:KNTK opened at $59.26 on Tuesday. Kinetik has a one year low of $31.73 and a one year high of $59.33. The firm’s 50 day simple moving average is $49.36 and its 200-day simple moving average is $44.27. The firm has a market cap of $9.33 billion, a PE ratio of 21.87, a price-to-earnings-growth ratio of 2.68 and a beta of 2.91.

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

Kinetik Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 5.26%. This is a boost from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Monday, October 28th. Kinetik’s payout ratio is 115.13%.

Hedge Funds Weigh In On Kinetik

Several large investors have recently added to or reduced their stakes in KNTK. Blackstone Inc. raised its position in Kinetik by 13.8% in the first quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock worth $474,977,000 after acquiring an additional 1,442,653 shares in the last quarter. Westwood Holdings Group Inc. raised its holdings in shares of Kinetik by 148.3% during the first quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock worth $93,636,000 after acquiring an additional 1,402,751 shares in the last quarter. Vanguard Group Inc. lifted its stake in Kinetik by 52.0% in the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock valued at $132,158,000 after acquiring an additional 1,134,570 shares during the last quarter. Yaupon Capital Management LP bought a new position in Kinetik during the first quarter valued at about $30,867,000. Finally, HITE Hedge Asset Management LLC acquired a new position in Kinetik during the second quarter valued at approximately $13,550,000. 21.11% of the stock is currently owned by institutional investors.

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.