Kinetik (NYSE:KNTK) Reaches New 52-Week Low - Here's What Happened

Key Points

• Kinetik Holdings Inc. (NYSE:KNTK) reached a new 52-week low, trading as low as $38.93 before closing at $39.41.
• Wall Street analysts have mixed ratings for Kinetik, with a consensus rating of "Moderate Buy" and an average price target of $54.67.
• The company reported earnings of $0.33 per share, exceeding analyst expectations, while also announcing a dividend of $0.78 per share with a significant payout ratio of 421.62%.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $38.93 and last traded at $39.41, with a volume of 1013091 shares traded. The stock had previously closed at $40.81.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on KNTK. Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a research note on Sunday. Barclays lowered their target price on Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a research note on Monday, July 14th. Zacks Research upgraded Kinetik from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Mizuho set a $53.00 price objective on shares of Kinetik and gave the company an "outperform" rating in a report on Friday, August 29th. Finally, Scotiabank restated an "outperform" rating on shares of Kinetik in a report on Monday, September 8th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $54.67.

Kinetik Stock Performance

The stock has a market capitalization of $6.37 billion, a price-to-earnings ratio of 53.15, a PEG ratio of 1.06 and a beta of 3.11. The business has a 50-day moving average of $42.31 and a 200-day moving average of $43.82.

Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.The company's revenue was up 18.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.54 earnings per share.

Kinetik Announces Dividend

The business also recently disclosed 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 of this dividend was Friday, July 25th. This represents a $3.12 annualized dividend and a yield of 7.9%. Kinetik's dividend payout ratio is currently 421.62%.

Institutional Trading of Kinetik

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Federated Hermes Inc. increased its position in Kinetik by 0.4% during the second quarter. Federated Hermes Inc. now owns 89,133 shares of the company's stock worth $3,926,000 after buying an additional 346 shares in the last quarter. Rossby Financial LCC grew its position in shares of Kinetik by 33.5% in the second quarter. Rossby Financial LCC now owns 2,006 shares of the company's stock valued at $88,000 after purchasing an additional 503 shares during the period. AQR Capital Management LLC grew its position in shares of Kinetik by 4.2% in the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company's stock valued at $670,000 after purchasing an additional 522 shares during the period. Ameritas Investment Partners Inc. grew its position in shares of Kinetik by 16.8% in the second quarter. Ameritas Investment Partners Inc. now owns 4,526 shares of the company's stock valued at $199,000 after purchasing an additional 650 shares during the period. Finally, Nisa Investment Advisors LLC grew its position in shares of 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 purchasing an additional 664 shares during the period. 21.11% of the stock is 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.

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