Kinetik (NASDAQ:KNTK) Releases Quarterly Earnings Results, Misses Estimates By $0.17 EPS

Kinetik (NASDAQ:KNTK) announced its quarterly earnings data on Wednesday. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.17), Briefing.com reports. The firm had revenue of $396.40 million for the quarter, compared to analysts’ expectations of $331.21 million. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The business’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.21 earnings per share.

Kinetik Trading Up 7.5 %

Shares of KNTK stock traded up $3.94 during mid-day trading on Thursday, reaching $56.42. The stock had a trading volume of 1,246,903 shares, compared to its average volume of 512,415. The firm has a market capitalization of $8.89 billion, a PE ratio of 22.18, a price-to-earnings-growth ratio of 2.29 and a beta of 2.91. The stock’s 50-day moving average price is $47.26 and its two-hundred day moving average price is $43.20. Kinetik has a 52-week low of $31.73 and a 52-week high of $57.15.

Kinetik Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 7th. Shareholders of record on Monday, October 28th will be given a dividend of $0.78 per share. The ex-dividend date is Monday, October 28th. This represents a $3.12 annualized dividend and a yield of 5.53%. This is a boost from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio is presently 121.40%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on KNTK. Mizuho increased their price target on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Royal Bank of Canada lifted their target price on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Barclays upped their price target on shares of Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $45.71.

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.