Kinetik Holdings Inc. (NASDAQ:KNTK) Receives $53.00 Average Target Price from Brokerages

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) have received a consensus rating of “Moderate Buy” from the eight ratings firms that are presently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $56.75.

A number of equities analysts have recently issued reports on the company. Royal Bank of Canada upped their price objective on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Mizuho boosted their target price on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Scotiabank started coverage on Kinetik in a research note on Friday, January 10th. They issued a “sector outperform” rating and a $64.00 target price for the company. The Goldman Sachs Group boosted their target price on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, Barclays boosted their target price on Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a research note on Monday.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Harbor Capital Advisors Inc. raised its position in Kinetik by 2.0% during the 4th quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company’s stock valued at $515,000 after purchasing an additional 174 shares during the last quarter. GAMMA Investing LLC raised its position in Kinetik by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after purchasing an additional 213 shares during the last quarter. JPMorgan Chase & Co. raised its position in Kinetik by 53.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 157,858 shares of the company’s stock valued at $7,145,000 after purchasing an additional 55,050 shares during the last quarter. Principal Financial Group Inc. bought a new position in Kinetik during the 3rd quarter valued at approximately $921,000. Finally, Geode Capital Management LLC raised its position in shares of Kinetik by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock worth $39,742,000 after acquiring an additional 13,644 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Trading Up 1.9 %

KNTK opened at $61.77 on Wednesday. The stock has a 50-day moving average price of $57.67 and a 200-day moving average price of $49.34. Kinetik has a 12-month low of $31.73 and a 12-month high of $62.55. The stock has a market capitalization of $9.73 billion, a P/E ratio of 22.79, a PEG ratio of 2.85 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings data 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 quarter in the previous year, the company posted $0.21 earnings per share. Kinetik’s revenue for the quarter was up 20.0% compared to the same quarter last year. On average, equities research analysts predict that Kinetik will post 1.35 EPS for the current 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 is a positive change from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a yield of 5.05%. Kinetik’s dividend payout ratio is presently 115.13%.

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.