Brokerages Set Kinetik Holdings Inc. (NASDAQ:KNTK) PT at $40.00

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) have received a consensus recommendation of “Moderate Buy” from the twelve research firms that are presently covering the firm, Marketbeat Ratings reports. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $40.00.

A number of analysts have commented on KNTK shares. Royal Bank of Canada began coverage on shares of Kinetik in a research report on Monday, March 25th. They set an “outperform” rating and a $40.00 price target on the stock. Mizuho increased their price target on Kinetik from $39.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. boosted their price objective on Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Finally, Barclays assumed coverage on Kinetik in a research note on Monday, April 22nd. They set an “equal weight” rating and a $40.00 target price for the company.

Insiders Place Their Bets

In related news, major shareholder Corp Apache sold 13,079,871 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $33.75, for a total value of $441,445,646.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Jamie Welch purchased 14,814 shares of the stock in a transaction dated Monday, March 18th. The shares were acquired at an average cost of $33.75 per share, for a total transaction of $499,972.50. Following the acquisition, the insider now directly owns 3,599,225 shares in the company, valued at approximately $121,473,843.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Corp Apache sold 13,079,871 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $33.75, for a total value of $441,445,646.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,095,803 shares of company stock worth $442,051,135. Corporate insiders own 3.71% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new stake in shares of Kinetik in the 4th quarter valued at approximately $3,756,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Kinetik by 137.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 332,422 shares of the company’s stock valued at $11,103,000 after acquiring an additional 192,655 shares during the last quarter. Chickasaw Capital Management LLC grew its position in Kinetik by 217.0% in the fourth quarter. Chickasaw Capital Management LLC now owns 722,326 shares of the company’s stock worth $24,126,000 after acquiring an additional 494,453 shares in the last quarter. Fractal Investments LLC acquired a new position in shares of Kinetik during the 4th quarter worth $919,000. Finally, Catalyst Capital Advisors LLC raised its holdings in shares of Kinetik by 36.1% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 141,351 shares of the company’s stock valued at $4,771,000 after purchasing an additional 37,492 shares in the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Trading Down 0.1 %

KNTK opened at $38.19 on Friday. Kinetik has a twelve month low of $26.32 and a twelve month high of $40.42. The stock has a market cap of $5.87 billion, a PE ratio of 16.90, a price-to-earnings-growth ratio of 2.01 and a beta of 2.81. The business’s 50 day moving average is $37.69 and its 200-day moving average is $35.42.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $1.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $1.24. The company had revenue of $348.87 million during the quarter, compared to analyst estimates of $301.49 million. Kinetik had a negative return on equity of 49.32% and a net margin of 28.57%. The firm’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.25 EPS. As a group, analysts forecast that Kinetik will post 2.32 EPS for the current year.

Kinetik Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Monday, April 29th will be given a $0.75 dividend. The ex-dividend date is Friday, April 26th. This represents a $3.00 annualized dividend and a dividend yield of 7.86%. Kinetik’s dividend payout ratio (DPR) is presently 132.74%.

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.