Kinetik (NASDAQ:KNTK) Releases Quarterly Earnings Results, Misses Estimates By $0.17 EPS

Kinetik (NASDAQ:KNTK) issued its earnings results on Wednesday. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.17), Briefing.com reports. The firm had revenue of $396.40 million for the quarter, compared to analysts’ expectations of $331.21 million. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. Kinetik’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period last year, the firm earned $0.21 earnings per share.

Kinetik Trading Up 7.5 %

Kinetik stock traded up $3.94 during midday trading on Thursday, reaching $56.42. 1,246,903 shares of the stock traded hands, compared to its average volume of 512,415. The firm has a market cap of $8.89 billion, a PE ratio of 22.18, a price-to-earnings-growth ratio of 2.29 and a beta of 2.91. The company has a 50-day simple moving average of $47.26 and a two-hundred day simple moving average of $43.20. Kinetik has a 12-month low of $31.73 and a 12-month high of $57.15.

Kinetik Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 7th. Investors of record on Monday, October 28th will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 5.53%. The ex-dividend date is Monday, October 28th. This is an increase from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s payout ratio is currently 121.40%.

Wall Street Analysts Forecast Growth

KNTK has been the subject of several analyst reports. Royal Bank of Canada increased their price objective on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Mizuho increased their price target on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Barclays raised their price objective on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Kinetik currently has an average rating of “Moderate Buy” and a consensus target price of $45.71.

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.