Brokerages Set Kinetik Holdings Inc. (NASDAQ:KNTK) PT at $45.71

Kinetik Holdings Inc. (NASDAQ:KNTK) has earned a consensus recommendation of “Moderate Buy” from the seven research firms that are presently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $45.71.

Several equities analysts recently commented on KNTK shares. Royal Bank of Canada raised their target price on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Barclays raised their price target on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Mizuho raised their price target on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Scotiabank raised their price target on Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a report on Tuesday, July 2nd.

Institutional Trading of Kinetik

A number of institutional investors have recently modified their holdings of the company. Commonwealth Equity Services LLC raised its holdings in Kinetik by 3.8% during the first quarter. Commonwealth Equity Services LLC now owns 38,264 shares of the company’s stock worth $1,526,000 after acquiring an additional 1,387 shares in the last quarter. Private Advisor Group LLC bought a new stake in Kinetik during the first quarter worth about $359,000. Capstone Investment Advisors LLC bought a new stake in Kinetik during the first quarter worth about $1,009,000. Kayne Anderson Capital Advisors LP raised its holdings in Kinetik by 1,992.8% during the first quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company’s stock worth $46,448,000 after acquiring an additional 1,109,308 shares in the last quarter. Finally, Quantbot Technologies LP raised its holdings in Kinetik by 313.9% during the first quarter. Quantbot Technologies LP now owns 48,899 shares of the company’s stock worth $1,950,000 after acquiring an additional 37,085 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors.

Kinetik Price Performance

Kinetik stock opened at $49.64 on Friday. The company has a market capitalization of $7.63 billion, a PE ratio of 20.34, a price-to-earnings-growth ratio of 2.38 and a beta of 2.91. Kinetik has a one year low of $31.73 and a one year high of $51.97. The business has a 50 day simple moving average of $46.26 and a 200 day simple moving average of $42.64.

Kinetik (NASDAQ:KNTK) last posted its earnings results on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.43 by $0.11. The business had revenue of $359.50 million during the quarter, compared to the consensus estimate of $305.94 million. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. Kinetik’s revenue was up 21.4% on a year-over-year basis. During the same quarter last year, the company earned $0.41 EPS. Equities analysts anticipate that Kinetik will post 1.44 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Shareholders of record on Monday, October 28th will be issued a dividend of $0.78 per share. The ex-dividend date of this dividend is Monday, October 28th. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a yield of 6.29%. Kinetik’s payout ratio is currently 127.87%.

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.