Kinetik Holdings Inc. (NYSE:KNTK) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Kinetik Holdings Inc. has received an average rating of “Moderate Buy” from eleven research firms, with five hold recommendations and six buy recommendations, while the average 1-year target price is approximately $54.33.
• Insider Jamie Welch recently purchased 5,000 shares at an average price of $39.13 each, increasing their total ownership to nearly $144 million.
• Kinetik declared a quarterly dividend of $0.78, representing an annual yield of 8.4%, despite a payout ratio of 421.62%.

Shares of Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) have earned an average recommendation of "Moderate Buy" from the eleven research firms that are presently covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $54.3333.

A number of analysts recently commented on KNTK shares. Zacks Research raised Kinetik from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Kinetik in a research report on Wednesday. Scotiabank reaffirmed an "outperform" rating on shares of Kinetik in a research report on Monday, September 8th. Mizuho set a $53.00 price target on Kinetik and gave the company an "outperform" rating in a research note on Friday, August 29th. Finally, Barclays cut their price target on Kinetik from $43.00 to $40.00 and set an "equal weight" rating for the company in a research note on Wednesday.

Insider Transactions at Kinetik

In related news, insider Jamie Welch purchased 5,000 shares of the business's stock in a transaction on Thursday, October 2nd. The stock was acquired at an average price of $39.13 per share, for a total transaction of $195,650.00. Following the purchase, the insider owned 3,676,399 shares of the company's stock, valued at approximately $143,857,492.87. This trade represents a 0.14% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 3.83% of the company's stock.

Hedge Funds Weigh In On Kinetik

A number of hedge funds have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Kinetik in the 4th quarter worth approximately $267,000. GAMMA Investing LLC boosted its stake in shares of Kinetik by 5,716.5% in the 1st quarter. GAMMA Investing LLC now owns 29,606 shares of the company's stock worth $1,538,000 after buying an additional 29,097 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Kinetik in the 1st quarter worth approximately $647,000. Jackson Square Capital LLC purchased a new position in shares of Kinetik in the 1st quarter worth approximately $768,000. Finally, Exchange Traded Concepts LLC boosted its stake in shares of Kinetik by 9.2% in the 1st quarter. Exchange Traded Concepts LLC now owns 88,734 shares of the company's stock worth $4,609,000 after buying an additional 7,504 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Stock Down 3.0%

Shares of NYSE:KNTK opened at $37.22 on Friday. The firm has a market cap of $6.03 billion, a P/E ratio of 50.30, a P/E/G ratio of 0.95 and a beta of 3.11. Kinetik has a 12-month low of $37.21 and a 12-month high of $67.60. The business has a fifty day simple moving average of $41.84 and a 200 day simple moving average of $43.20.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 earnings per share for the quarter, topping 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%.The business's quarterly revenue was up 18.7% on a year-over-year basis. During the same period last year, the firm posted $0.54 earnings per share.

Kinetik Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, July 25th were paid a dividend of $0.78 per share. The ex-dividend date was Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a yield of 8.4%. Kinetik's payout ratio is 421.62%.

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.

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