Kinetik Holdings Inc. (NYSE:KNTK) Receives $55.56 Average PT from Analysts

Key Points

• Kinetik Holdings Inc. has received an average rating of "Moderate Buy" from nine brokerages, with three hold ratings and six buy ratings, and a twelve-month target price of $55.56.
• Major shareholder Isq Global Fund Ii Gp Llc sold 4.26 million shares at an average price of $44.16, resulting in a significant reduction in their ownership.
• The company announced a quarterly dividend of $0.78 per share, yielding 7.57%, with the payout ratio reported at 328.42%.

Shares of Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the nine brokerages that are currently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $55.56.

A number of equities analysts recently weighed in on the stock. Royal Bank Of Canada lowered their target price on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. Wall Street Zen downgraded shares of Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. Scotiabank lifted their target price on shares of Kinetik from $54.00 to $57.00 and gave the stock a "sector outperform" rating in a research note on Thursday, June 5th. UBS Group assumed coverage on shares of Kinetik in a research note on Tuesday, April 29th. They set a "neutral" rating and a $49.00 target price for the company. Finally, Mizuho lowered their target price on shares of Kinetik from $61.00 to $57.00 and set an "outperform" rating for the company in a research note on Tuesday, July 15th.

Kinetik Stock Performance

Shares of NYSE:KNTK traded down $0.48 during mid-day trading on Friday, reaching $42.73. 1,264,754 shares of the company's stock were exchanged, compared to its average volume of 1,122,726. The firm has a market capitalization of $6.75 billion, a price-to-earnings ratio of 44.98 and a beta of 3.00. The business's fifty day moving average price is $43.29 and its 200-day moving average price is $49.41. Kinetik has a twelve month low of $37.85 and a twelve month high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). Kinetik had a negative return on equity of 8.05% and a net margin of 10.74%. The business had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. During the same quarter last year, the firm posted $0.12 EPS. Kinetik's revenue for the quarter was up 29.8% on a year-over-year basis.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, July 25th will be issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.30%. The ex-dividend date is Friday, July 25th. Kinetik's dividend payout ratio is currently 328.42%.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of Kinetik stock in a transaction dated 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 completion of the transaction, the insider directly owned 1 shares in the company, valued at $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.83% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bell Investment Advisors Inc purchased a new position in Kinetik in the first quarter valued at about $41,000. Comerica Bank boosted its stake in Kinetik by 32.2% in the fourth quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after acquiring an additional 195 shares during the last quarter. Chung Wu Investment Group LLC purchased a new position in Kinetik in the second quarter valued at about $56,000. Nisa Investment Advisors LLC boosted its stake in Kinetik by 141.6% in the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock valued at $59,000 after acquiring an additional 664 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its stake in Kinetik by 789.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock valued at $62,000 after acquiring an additional 971 shares during the last quarter. 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.