Kinetik (NASDAQ:KNTK) Releases Quarterly Earnings Results, Misses Expectations By $0.32 EPS

Kinetik (NASDAQ:KNTK) announced its quarterly earnings results on Wednesday. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.32), Briefing.com reports. Kinetik had a net margin of 28.57% and a negative return on equity of 49.32%. The company had revenue of $341.39 million for the quarter, compared to the consensus estimate of $277.52 million. During the same quarter in the prior year, the company earned ($0.06) earnings per share. The company’s quarterly revenue was up 21.5% on a year-over-year basis.

Kinetik Trading Down 1.1 %

Shares of NASDAQ:KNTK traded down $0.44 during trading on Thursday, reaching $38.93. 495,653 shares of the company traded hands, compared to its average volume of 556,851. The firm has a market capitalization of $5.98 billion, a price-to-earnings ratio of 17.24, a P/E/G ratio of 2.00 and a beta of 2.81. Kinetik has a 52-week low of $28.82 and a 52-week high of $40.42. The business’s fifty day moving average is $38.02 and its 200-day moving average is $35.49.

Kinetik Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Monday, April 29th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 7.71%. The ex-dividend date of this dividend is Friday, April 26th. Kinetik’s dividend payout ratio (DPR) is presently 132.74%.

Insider Activity

In other news, major shareholder Corp Apache sold 13,079,871 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $33.75, for a total transaction of $441,445,646.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Kinetik news, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jamie Welch acquired 14,814 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was purchased at an average price of $33.75 per share, with a total value of $499,972.50. Following the acquisition, the insider now owns 3,599,225 shares of the company’s stock, valued at approximately $121,473,843.75. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 13,095,803 shares of company stock valued at $442,051,135. 3.71% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on KNTK. Royal Bank of Canada assumed coverage on Kinetik in a research report on Monday, March 25th. They set an “outperform” rating and a $40.00 price target on the stock. Mizuho boosted their price objective on Kinetik from $39.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Barclays assumed coverage on Kinetik in a report on Monday, April 22nd. They set an “equal weight” rating and a $40.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted their price objective on Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $40.00.

About Kinetik

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.