Kinetik Holdings Inc. (NASDAQ:KNTK) Receives $45.71 Average Price Target from Analysts

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) have earned a consensus rating of “Moderate Buy” from the seven analysts that are currently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $51.86.

Several equities research analysts have commented on KNTK shares. Mizuho upped their price objective on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Citigroup raised their price objective on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a report on Monday. Wells Fargo & Company boosted their target price on shares of Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Wednesday. Royal Bank of Canada lifted their price target on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Barclays raised their target price on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th.

Kinetik Stock Down 2.7 %

Kinetik stock opened at $54.64 on Friday. The company has a market capitalization of $8.61 billion, a P/E ratio of 20.16, a P/E/G ratio of 2.83 and a beta of 2.95. The firm has a 50 day moving average price of $54.61 and a 200-day moving average price of $47.04. Kinetik has a twelve month low of $31.73 and a twelve month high of $62.55.

Kinetik (NASDAQ:KNTK) last released its earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The firm had revenue of $396.40 million during the quarter, compared to analysts’ expectations of $331.21 million. During the same period in the prior year, the business earned $0.21 earnings per share. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. Equities analysts expect that Kinetik will post 1.35 EPS for the current fiscal year.

Kinetik Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were issued a dividend of $0.78 per share. This is a positive change 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 5.71%. Kinetik’s payout ratio is presently 115.13%.

Institutional Trading of Kinetik

A number of hedge funds have recently made changes to their positions in KNTK. Ashton Thomas Securities LLC bought a new stake in Kinetik in the 3rd quarter worth approximately $46,000. Blue Trust Inc. raised its stake in shares of Kinetik by 244.9% during the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after acquiring an additional 2,699 shares in the last quarter. CWM LLC lifted its holdings in shares of Kinetik by 2,030.9% in the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after acquiring an additional 3,615 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in shares of Kinetik in the 2nd quarter valued at $187,000. Finally, Covestor Ltd grew its holdings in shares of Kinetik by 13,790.0% during the 3rd quarter. Covestor Ltd now owns 4,167 shares of the company’s stock valued at $189,000 after purchasing an additional 4,137 shares during the last quarter. 21.11% of the stock is owned by institutional investors.

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.