Short Interest in Kodiak Gas Services, Inc. (NYSE:KGS) Drops By 25.9%

Kodiak Gas Services, Inc. (NYSE:KGS) was the recipient of a large drop in short interest during the month of September. As of September 15th, there was short interest totaling 7,630,000 shares, a drop of 25.9% from the August 31st total of 10,300,000 shares. Currently, 11.8% of the company’s stock are sold short. Based on an average daily trading volume, of 1,810,000 shares, the short-interest ratio is currently 4.2 days. Based on an average daily trading volume, of 1,810,000 shares, the short-interest ratio is currently 4.2 days. Currently, 11.8% of the company’s stock are sold short.

Analysts Set New Price Targets

KGS has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Kodiak Gas Services in a report on Saturday, September 27th. JPMorgan Chase & Co. restated a “buy” rating and issued a $43.00 price objective (up previously from $42.00) on shares of Kodiak Gas Services in a research note on Monday, June 23rd. Barclays raised their target price on Kodiak Gas Services from $36.00 to $37.00 and gave the company an “equal weight” rating in a research report on Thursday, August 14th. Royal Bank Of Canada boosted their price target on shares of Kodiak Gas Services from $42.00 to $43.00 and gave the stock an “outperform” rating in a report on Wednesday, August 13th. Finally, Mizuho increased their price target on shares of Kodiak Gas Services from $45.00 to $47.00 and gave the company an “outperform” rating in a research report on Friday, August 29th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $43.50.

Kodiak Gas Services Stock Down 2.7%

Shares of NYSE KGS opened at $33.51 on Tuesday. Kodiak Gas Services has a one year low of $29.25 and a one year high of $50.43. The company has a debt-to-equity ratio of 1.89, a current ratio of 1.10 and a quick ratio of 0.78. The business’s fifty day moving average price is $34.42 and its 200-day moving average price is $34.32. The stock has a market capitalization of $2.90 billion, a PE ratio of 37.23 and a beta of 1.32.

Kodiak Gas Services (NYSE:KGS) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.03. Kodiak Gas Services had a return on equity of 10.35% and a net margin of 6.48%.The company had revenue of $322.84 million during the quarter, compared to analyst estimates of $335.10 million. During the same quarter last year, the firm posted $0.06 EPS. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, equities research analysts anticipate that Kodiak Gas Services will post 1.12 EPS for the current year.

Kodiak Gas Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 4th were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date was Monday, August 4th. Kodiak Gas Services’s dividend payout ratio is presently 200.00%.

Kodiak Gas Services announced that its Board of Directors has approved a share buyback plan on Monday, August 11th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 1.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Invesco Ltd. raised its holdings in Kodiak Gas Services by 59.9% during the 2nd quarter. Invesco Ltd. now owns 4,869,346 shares of the company’s stock valued at $166,872,000 after acquiring an additional 1,824,407 shares during the period. T. Rowe Price Investment Management Inc. purchased a new position in shares of Kodiak Gas Services in the first quarter valued at $40,648,000. Goldman Sachs Group Inc. raised its stake in shares of Kodiak Gas Services by 58.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,983,360 shares of the company’s stock valued at $73,979,000 after purchasing an additional 730,180 shares during the period. Think Investments LP purchased a new stake in Kodiak Gas Services during the 1st quarter worth about $23,678,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Kodiak Gas Services by 2,201.6% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 617,151 shares of the company’s stock worth $21,150,000 after purchasing an additional 590,337 shares in the last quarter. 24.95% of the stock is currently owned by hedge funds and other institutional investors.

About Kodiak Gas Services

Kodiak Gas Services, Inc operates contract compression infrastructure for customers in the oil and gas industry in the United States. It operates in two segments, Compression Operations and Other Services. The Compression Operations segment operates company-owned and customer-owned compression infrastructure to enable the production, gathering, and transportation of natural gas and oil.