Kinetik (NASDAQ:KNTK) Stock Price Down 5.1%

Kinetik Holdings Inc. (NASDAQ:KNTK)’s share price fell 5.1% during mid-day trading on Thursday . The company traded as low as $44.81 and last traded at $44.81. 163,902 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 515,685 shares. The stock had previously closed at $47.21.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on KNTK shares. Royal Bank of Canada boosted their price target on Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. Scotiabank upped their target price on Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a report on Tuesday, July 2nd. Finally, Barclays reaffirmed an “equal weight” rating and set a $43.00 price target on shares of Kinetik in a research note on Wednesday, July 10th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $42.00.

Kinetik Stock Up 0.3 %

The firm has a market cap of $7.07 billion, a price-to-earnings ratio of 18.41, a price-to-earnings-growth ratio of 2.52 and a beta of 2.91. The business has a 50 day moving average of $43.36 and a 200 day moving average of $41.10.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.11. The company had revenue of $359.50 million for the quarter, compared to analysts’ expectations of $305.94 million. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The firm’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same period last year, the company earned $0.41 EPS. Research analysts predict that Kinetik Holdings Inc. will post 1.39 earnings per share for the current year.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 7th. Shareholders of record on Monday, July 29th were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.68%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik’s dividend payout ratio is presently 122.95%.

Hedge Funds Weigh In On Kinetik

Several institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its stake in shares of Kinetik by 35.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 165,755 shares of the company’s stock valued at $5,536,000 after acquiring an additional 43,346 shares during the last quarter. Westwood Holdings Group Inc. acquired a new position in shares of Kinetik in the 4th quarter valued at $31,589,000. Ghisallo Capital Management LLC acquired a new stake in shares of Kinetik during the 4th quarter worth $7,181,000. Tortoise Index Solutions LLC raised its position in shares of Kinetik by 55.8% in the 4th quarter. Tortoise Index Solutions LLC now owns 44,107 shares of the company’s stock worth $1,473,000 after buying an additional 15,801 shares during the period. Finally, Pinnacle Holdings LLC raised its position in shares of Kinetik by 5.9% in the 4th quarter. Pinnacle Holdings LLC now owns 102,899 shares of the company’s stock worth $3,437,000 after buying an additional 5,688 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

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.