Kinetik Holdings Inc. (NYSE:KNTK) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Kinetik Holdings Inc. (NYSE:KNTK) have earned a consensus recommendation of “Moderate Buy” from the ten brokerages that are currently covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $55.3333.

KNTK has been the topic of several recent analyst reports. Scotiabank reissued an “outperform” rating on shares of Kinetik in a research note on Thursday, August 14th. Citigroup reissued a “buy” rating on shares of Kinetik in a report on Tuesday, June 10th. Royal Bank Of Canada reduced their target price on Kinetik from $57.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, May 30th. UBS Group initiated coverage on shares of Kinetik in a research note on Tuesday, April 29th. They issued a “neutral” rating and a $49.00 price target on the stock. Finally, Wall Street Zen cut shares of Kinetik from a “hold” rating to a “sell” rating in a research report on Tuesday, June 17th.

Insider Activity

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of Kinetik stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the sale, the insider owned 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 document filed with the SEC, which is available through this hyperlink. 3.83% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Kinetik

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bell Investment Advisors Inc purchased a new position in shares of Kinetik during the 1st quarter worth $41,000. Comerica Bank boosted its holdings in Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock valued at $45,000 after purchasing an additional 195 shares during the last quarter. Chung Wu Investment Group LLC purchased a new stake in shares of Kinetik in the 2nd quarter valued at approximately $56,000. Nisa Investment Advisors LLC increased its holdings in shares of Kinetik by 141.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company’s stock worth $59,000 after buying an additional 664 shares during the last quarter. Finally, Sterling Capital Management LLC raised its position in shares of Kinetik by 789.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company’s stock valued at $62,000 after buying an additional 971 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Stock Performance

NYSE:KNTK opened at $39.72 on Thursday. The firm’s fifty day moving average is $42.26 and its two-hundred day moving average is $47.00. The firm has a market cap of $6.43 billion, a price-to-earnings ratio of 53.68 and a beta of 3.03. Kinetik has a one year low of $39.25 and a one year high of $67.60.

Kinetik (NYSE:KNTK) last posted its earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.19. Kinetik had a net margin of 8.21% and a negative return on equity of 6.16%. During the same quarter last year, the business posted $0.54 earnings per share. The business’s revenue was up 18.7% compared to the same quarter last year.

Kinetik Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were paid a $0.78 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.9%. Kinetik’s dividend payout ratio (DPR) is currently 421.62%.

About Kinetik

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.