Kinetik Holdings Inc. (NYSE:KNTK) Given Consensus Rating of "Moderate Buy" by Brokerages

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) has been assigned an average rating of "Moderate Buy" from the nine brokerages that are currently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $56.56.

Several analysts have issued reports on the stock. Mizuho cut their target price on shares of Kinetik from $70.00 to $61.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 20th. Citigroup raised shares of Kinetik from a "neutral" rating to a "buy" rating and cut their target price for the company from $58.00 to $55.00 in a research note on Tuesday, May 20th. UBS Group began coverage on shares of Kinetik in a report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price target on the stock. Wells Fargo & Company lowered their price target on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. Finally, Scotiabank boosted their price target on shares of Kinetik from $54.00 to $57.00 and gave the company a "sector outperform" rating in a report on Thursday.

Kinetik Stock Performance

NYSE KNTK opened at $44.05 on Friday. The stock has a market capitalization of $6.96 billion, a P/E ratio of 46.37 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's fifty day moving average is $43.87 and its two-hundred day moving average is $53.36.

Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.24). The business had revenue of $443.26 million for the quarter, compared to the consensus estimate of $466.54 million. During the same quarter in the prior year, the business posted $0.12 earnings per share. The firm's revenue for the quarter was up 29.8% on a year-over-year basis.

Kinetik Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.08%. The ex-dividend date of this dividend was Friday, April 25th. Kinetik's dividend payout ratio is currently 328.42%.

Insider Activity

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the stock in a transaction dated Wednesday, June 4th. The shares were 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. This represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Canton Hathaway LLC acquired a new position in Kinetik in the fourth quarter worth about $28,000. Rialto Wealth Management LLC bought a new stake in Kinetik during the fourth quarter worth about $34,000. Bell Investment Advisors Inc bought a new stake in Kinetik during the first quarter worth about $41,000. Comerica Bank grew its stake in Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after buying an additional 195 shares during the last quarter. Finally, Sterling Capital Management LLC grew its stake in Kinetik by 789.4% during the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock worth $62,000 after buying an additional 971 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.