Kinetik Holdings Inc. (NYSE:KNTK) Receives $55.33 Average Target Price from Brokerages

Key Points

• Kinetik Holdings Inc. has received a consensus recommendation of "Moderate Buy" from analysts, with an average one-year price target of $55.33.
• The company reported earnings of $0.33 per share, exceeding the consensus estimate of $0.14, alongside an 18.7% revenue increase year-over-year.
• An insider transaction saw major shareholder Isq Global Fund Ii Gp Llc sell 4.26 million shares for approximately $188.2 million, resulting in a complete exit from their position.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) has been assigned an average rating of "Moderate Buy" from the ten brokerages that are covering the stock, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $55.3333.

Several research firms have recently weighed in on KNTK. UBS Group began 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. Citigroup reissued a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. Wall Street Zen cut Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. Zacks Research raised Kinetik from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. Finally, Barclays reduced their price objective on Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a research report on Monday, July 14th.

Kinetik Stock Up 2.0%

KNTK stock traded up $0.82 during midday trading on Thursday, hitting $41.46. 2,052,111 shares of the company traded hands, compared to its average volume of 940,724. Kinetik has a twelve month low of $39.25 and a twelve month high of $67.60. The business has a 50 day simple moving average of $42.00 and a 200-day simple moving average of $46.25. The stock has a market capitalization of $6.71 billion, a price-to-earnings ratio of 56.03 and a beta of 3.03.

Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.During the same quarter in the prior year, the firm earned $0.54 EPS. The business's quarterly revenue was up 18.7% on a year-over-year basis.

Kinetik Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 7.5%. The ex-dividend date of this dividend was Friday, July 25th. Kinetik's dividend payout ratio is currently 421.62%.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the stock in a transaction that occurred on 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 sale, the insider directly owned 1 shares of the company's stock, valued at approximately $44.16. This represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.83% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of KNTK. Zimmer Partners LP bought a new position in Kinetik in the first quarter worth $102,124,000. RR Advisors LLC bought a new position in Kinetik in the second quarter worth $22,471,000. Adage Capital Partners GP L.L.C. bought a new position in Kinetik in the second quarter worth $22,025,000. Westwood Holdings Group Inc. lifted its position in Kinetik by 78.3% in the fourth quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company's stock worth $61,429,000 after purchasing an additional 475,606 shares during the period. Finally, Bank of America Corp DE lifted its position in Kinetik by 109.7% in the second quarter. Bank of America Corp DE now owns 776,306 shares of the company's stock worth $34,196,000 after purchasing an additional 406,160 shares during the period. 21.11% of the stock is owned by institutional investors.

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.