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

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) have been assigned a consensus rating of “Moderate Buy” from the seven brokerages that are 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 brokers that have updated their coverage on the stock in the last year is $42.43.

A number of brokerages have recently weighed in on KNTK. Royal Bank of Canada boosted their price target on Kinetik from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Scotiabank increased their price target on Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, July 2nd. Finally, Barclays reaffirmed an “equal weight” rating and set a $43.00 target price on shares of Kinetik in a research note on Wednesday, July 10th.

Hedge Funds Weigh In On Kinetik

A number of institutional investors have recently added to or reduced their stakes in KNTK. Beach Investment Counsel Inc. PA bought a new stake in shares of Kinetik in the second quarter valued at about $27,000. Ameritas Investment Partners Inc. raised its stake 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 acquiring an additional 1,926 shares in 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 acquiring an additional 2,803 shares in the last quarter. Point72 DIFC Ltd acquired a new position in shares of Kinetik in the second quarter valued at approximately $187,000. Finally, EntryPoint Capital LLC increased its stake in shares of Kinetik by 109.8% in the first 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 institutional investors and hedge funds.

Kinetik Stock Performance

NASDAQ:KNTK opened at $48.42 on Monday. The stock has a fifty day moving average price of $43.59 and a two-hundred day moving average price of $41.38. The stock has a market capitalization of $7.44 billion, a price-to-earnings ratio of 19.79, a PEG ratio of 2.52 and a beta of 2.91. Kinetik has a 1 year low of $31.73 and a 1 year high of $48.49.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.11. The business had revenue of $359.50 million for the quarter, compared to analyst estimates of $305.94 million. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The company’s revenue was up 21.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 EPS. On average, analysts predict that Kinetik will post 1.39 EPS for the current year.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th were issued a $0.75 dividend. The ex-dividend date was Monday, July 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.20%. Kinetik’s dividend payout ratio (DPR) is presently 122.95%.

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.