Analysts Set Kinetik Holdings Inc. (NYSE:KNTK) PT at $55.33

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.

Shares of Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the ten research firms that are currently covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $55.3333.

Several analysts have recently commented on the stock. Citigroup reiterated a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. Mizuho cut their price objective on shares of Kinetik from $61.00 to $57.00 and set an "outperform" rating for the company in a research report on Tuesday, July 15th. Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. Zacks Research raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. Finally, Scotiabank reissued an "outperform" rating and issued a $55.00 price objective on shares of Kinetik in a research report on Thursday, August 14th.

Kinetik Trading Up 1.8%

Shares of KNTK stock traded up $0.73 during trading hours on Thursday, hitting $40.56. The company's stock had a trading volume of 969,129 shares, compared to its average volume of 936,534. The business has a fifty day moving average of $42.09 and a 200-day moving average of $46.55. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of 54.81 and a beta of 3.03. Kinetik has a twelve month low of $39.25 and a twelve month high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last released 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 net margin of 8.21% and a negative return on equity of 6.16%. The firm's revenue for the quarter was up 18.7% compared to the same quarter last year. During the same period last year, the firm earned $0.54 EPS.

Kinetik Announces Dividend

The company 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 dividend on an annualized basis and a dividend yield of 7.7%. The ex-dividend date of this dividend was Friday, July 25th. Kinetik's 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 business's stock in a transaction that occurred on 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 owned 1 shares of the company's stock, valued at $44.16. The trade was a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Kinetik

A number of institutional investors have recently bought and sold shares of KNTK. Zimmer Partners LP purchased a new position in Kinetik during the first quarter worth approximately $102,124,000. Westwood Holdings Group Inc. raised its stake in Kinetik by 4.6% during the second quarter. Westwood Holdings Group Inc. now owns 1,178,890 shares of the company's stock worth $51,930,000 after purchasing an additional 52,058 shares during the period. Geode Capital Management LLC raised its stake in Kinetik by 8.2% during the second quarter. Geode Capital Management LLC now owns 967,950 shares of the company's stock worth $42,643,000 after purchasing an additional 73,665 shares during the period. Kayne Anderson Capital Advisors LP raised its stake in Kinetik by 4.4% during the first quarter. Kayne Anderson Capital Advisors LP now owns 830,122 shares of the company's stock worth $43,117,000 after purchasing an additional 34,811 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in Kinetik by 32.0% during the second quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 779,000 shares of the company's stock worth $34,315,000 after purchasing an additional 189,000 shares during the period. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

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.