Kinetik Holdings Inc. (NASDAQ:KNTK) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) have been given a consensus recommendation of “Moderate Buy” by the twelve ratings firms that are covering the stock, Marketbeat reports. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $40.00.

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

Kinetik Trading Down 1.1 %

Shares of NASDAQ:KNTK opened at $38.93 on Friday. Kinetik has a twelve month low of $28.82 and a twelve month high of $40.42. The firm has a market cap of $5.98 billion, a P/E ratio of 17.23, a P/E/G ratio of 2.00 and a beta of 2.81. The company has a 50 day moving average of $38.09 and a 200-day moving average of $35.51.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.32). Kinetik had a net margin of 28.57% and a negative return on equity of 49.32%. The firm had revenue of $341.39 million for the quarter, compared to the consensus estimate of $277.52 million. During the same period in the previous year, the business posted ($0.06) earnings per share. The business’s revenue for the quarter was up 21.5% compared to the same quarter last year. Equities research analysts forecast that Kinetik will post 2.32 EPS for the current year.

Kinetik Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Investors of record on Monday, April 29th were issued a $0.75 dividend. The ex-dividend date of this dividend was Friday, April 26th. This represents a $3.00 dividend on an annualized basis and a yield of 7.71%. Kinetik’s dividend payout ratio is currently 132.74%.

Insider Activity at Kinetik

In other Kinetik news, insider Jamie Welch purchased 14,814 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were bought at an average price of $33.75 per share, for a total transaction of $499,972.50. Following the purchase, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Anne Psencik sold 3,182 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $35.57, for a total transaction of $113,183.74. Following the completion of the sale, the insider now owns 247,128 shares in the company, valued at approximately $8,790,342.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jamie Welch acquired 14,814 shares of the stock in a transaction dated Monday, March 18th. The shares were bought at an average cost of $33.75 per share, for a total transaction of $499,972.50. Following the acquisition, the insider now owns 3,599,225 shares in the company, valued at approximately $121,473,843.75. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 13,095,803 shares of company stock valued at $442,051,135. 3.71% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Kinetik

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC bought a new stake in shares of Kinetik during the 4th quarter worth $223,000. Principal Financial Group Inc. acquired a new stake in shares of Kinetik in the third quarter valued at about $232,000. Arizona State Retirement System bought a new position in shares of Kinetik in the fourth quarter worth about $240,000. SG Americas Securities LLC acquired a new position in shares of Kinetik during the 3rd quarter worth about $245,000. Finally, Graham Capital Management L.P. bought a new stake in Kinetik during the 3rd quarter valued at approximately $252,000. Institutional investors and hedge funds 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.