Kinetik Holdings Inc. (NYSE:KNTK) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Kinetik Holdings Inc. (NYSE:KNTK) have earned a consensus rating of “Moderate Buy” from the nine brokerages that are presently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $56.56.

A number of analysts have recently weighed in on the company. Barclays set a $48.00 price objective on Kinetik and gave the stock an “equal weight” rating in a research report on Tuesday, May 20th. UBS Group assumed coverage on Kinetik in a research report on Tuesday, April 29th. They issued a “neutral” rating and a $49.00 price objective for the company. Wells Fargo & Company lowered their price objective on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. US Capital Advisors upgraded Kinetik from a “hold” rating to a “moderate buy” rating in a research note on Monday, April 7th. Finally, Citigroup reaffirmed a “buy” rating on shares of Kinetik in a research report on Tuesday.

Kinetik Price Performance

Kinetik stock opened at $44.21 on Friday. The stock has a market capitalization of $6.98 billion, a price-to-earnings ratio of 46.54 and a beta of 3.05. Kinetik has a 1-year low of $37.85 and a 1-year high of $67.60. The business has a fifty day moving average price of $43.58 and a 200-day moving average price of $52.89.

Kinetik (NYSE:KNTK) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.24). The firm had revenue of $443.26 million during the quarter, compared to analysts’ expectations of $466.54 million. Kinetik’s quarterly revenue was up 29.8% on a year-over-year basis. During the same period last year, the firm earned $0.12 earnings per share.

Kinetik Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were given a dividend of $0.78 per share. The ex-dividend date was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.06%. Kinetik’s dividend payout ratio is currently 328.42%.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the business’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the transaction, the insider now owns 1 shares of the company’s stock, valued at $44.16. The trade was a 100.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Kinetik

Institutional investors and hedge funds have recently modified their holdings of the stock. Canton Hathaway LLC acquired a new position in shares of Kinetik in the 4th quarter valued at about $28,000. Rialto Wealth Management LLC acquired a new position in Kinetik in the 4th quarter worth about $34,000. Bell Investment Advisors Inc acquired a new position in Kinetik in the 1st quarter worth about $41,000. Comerica Bank raised its holdings in Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock worth $45,000 after purchasing an additional 195 shares during the period. Finally, Sterling Capital Management LLC raised its holdings in Kinetik by 789.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company’s stock worth $62,000 after purchasing an additional 971 shares during the period. 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. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.