Kinetik Holdings Inc. (NASDAQ:KNTK) Receives $41.25 Average Price Target from Analysts

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) have been given an average recommendation of “Moderate Buy” by the nine ratings firms that are presently covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year target price among brokers that have covered the stock in the last year is $42.00.

Several research analysts have recently issued reports on KNTK shares. Royal Bank of Canada lifted their price target on Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Thursday. Scotiabank upped their price target on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a report on Tuesday, July 2nd. Barclays reissued an “equal weight” rating and set a $43.00 price objective on shares of Kinetik in a research note on Wednesday, July 10th. Wells Fargo & Company increased their target price on Kinetik from $37.00 to $40.00 and gave the company an “equal weight” rating in a report on Tuesday, May 14th. Finally, Mizuho boosted their price target on Kinetik from $39.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd.

Kinetik Trading Down 0.3 %

Shares of KNTK opened at $43.52 on Friday. Kinetik has a twelve month low of $31.31 and a twelve month high of $45.27. The firm has a market capitalization of $6.69 billion, a P/E ratio of 17.84, a PEG ratio of 2.58 and a beta of 2.96. The firm’s 50-day moving average is $41.67 and its two-hundred day moving average is $38.87.

Kinetik (NASDAQ:KNTK) last released its quarterly 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 business had revenue of $359.50 million for the quarter, compared to analysts’ expectations of $305.94 million. Kinetik had a negative return on equity of 48.03% and a net margin of 29.62%. The company’s revenue was up 21.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 EPS. Analysts predict that Kinetik will post 1.15 EPS for the current year.

Kinetik Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.89%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik’s dividend payout ratio is currently 122.95%.

Hedge Funds Weigh In On Kinetik

Several large investors have recently added to or reduced their stakes in the business. Beach Investment Counsel Inc. PA acquired a new position in shares of Kinetik during the 2nd quarter valued at about $27,000. Ameritas Investment Partners Inc. increased its position in Kinetik by 112.8% during the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock worth $145,000 after purchasing an additional 1,926 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in Kinetik by 270.0% during the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock worth $159,000 after purchasing an additional 2,803 shares during the period. Point72 DIFC Ltd acquired a new position in shares of Kinetik in the 2nd quarter valued at $187,000. Finally, EntryPoint Capital LLC grew its stake in shares of Kinetik by 109.8% during the 1st quarter. EntryPoint Capital LLC now owns 4,709 shares of the company’s stock valued at $188,000 after buying an additional 2,464 shares during the period. 21.11% of the stock is currently owned by hedge funds and other 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.