Brokerages Set Kinetik Holdings Inc. (NASDAQ:KNTK) PT at $53.00

Kinetik Holdings Inc. (NASDAQ:KNTK) has earned an average recommendation of “Moderate Buy” from the eight brokerages that are presently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $55.00.

A number of equities analysts have recently weighed in on the company. Scotiabank assumed coverage on Kinetik in a report on Friday. They set a “sector outperform” rating and a $64.00 price target for the company. Royal Bank of Canada lifted their price target on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Mizuho upped their price objective on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Barclays lifted their target price on shares of Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Finally, Citigroup raised their price target on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th.

Kinetik Price Performance

Shares of KNTK stock opened at $60.43 on Wednesday. The firm’s 50-day moving average is $57.18 and its two-hundred day moving average is $48.95. Kinetik has a 12 month low of $31.73 and a 12 month high of $62.55. The company has a market capitalization of $9.52 billion, a PE ratio of 22.30, a price-to-earnings-growth ratio of 2.85 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). The business had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The company’s revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.21 earnings per share. Sell-side analysts forecast 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 paid a $0.78 dividend. This is an increase from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date was Monday, October 28th. This represents a $3.12 annualized dividend and a dividend yield of 5.16%. Kinetik’s payout ratio is 115.13%.

Institutional Investors Weigh In On Kinetik

Several large investors have recently bought and sold shares of KNTK. GAMMA Investing LLC boosted its stake in shares of Kinetik by 72.0% in the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after buying an additional 213 shares during the period. Ashton Thomas Securities LLC purchased a new position in Kinetik in the third quarter worth approximately $46,000. Blue Trust Inc. grew its holdings in Kinetik by 244.9% during the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after acquiring an additional 2,699 shares in the last quarter. CWM LLC increased its position in shares of Kinetik by 2,030.9% in the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after purchasing an additional 3,615 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of Kinetik in the 2nd quarter valued at $187,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

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.