Kinetik Holdings Inc. (NASDAQ:KNTK) Receives $57.89 Consensus Price Target from Analysts

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) have been assigned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the company, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $57.89.

KNTK has been the subject of several recent analyst reports. Scotiabank cut their price target on shares of Kinetik from $57.00 to $54.00 and set a “sector outperform” rating for the company in a report on Monday, May 12th. US Capital Advisors raised shares of Kinetik from a “hold” rating to a “moderate buy” rating in a research note on Monday, April 7th. Wells Fargo & Company lowered their target price on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. 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 on the stock. Finally, Barclays lifted their target price on shares of Kinetik from $57.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 16th.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the transaction, the insider now owns 1,044,520 shares of the company’s stock, valued at approximately $58,106,647.60. The trade was a 79.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of KNTK. Zimmer Partners LP acquired a new position in Kinetik in the first quarter valued at about $102,124,000. 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 valued at $61,429,000 after buying an additional 475,606 shares during the last quarter. Pictet Asset Management Holding SA lifted its position in Kinetik by 8,475.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company’s stock valued at $24,442,000 after buying an additional 425,977 shares during the last quarter. HITE Hedge Asset Management LLC acquired a new position in Kinetik in the first quarter valued at about $18,608,000. Finally, Prudential Financial Inc. lifted its position in Kinetik by 391.1% in the fourth quarter. Prudential Financial Inc. now owns 392,343 shares of the company’s stock valued at $22,250,000 after buying an additional 312,458 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Stock Performance

Shares of NASDAQ KNTK opened at $45.34 on Tuesday. The firm has a market cap of $7.15 billion, a PE ratio of 16.73, a PEG ratio of 1.52 and a beta of 3.03. The firm has a fifty day moving average of $46.19 and a 200 day moving average of $54.36. Kinetik has a one year low of $37.85 and a one year high of $67.60.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.24). The company had revenue of $443.26 million during the quarter, compared to analysts’ expectations of $466.54 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. Kinetik’s revenue was up 29.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.12 EPS. On average, equities analysts predict that Kinetik will post 1.96 EPS for the current fiscal year.

Kinetik Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were given a dividend of $0.78 per share. The ex-dividend date was Friday, April 25th. This represents a $3.12 annualized dividend and a dividend yield of 6.88%. Kinetik’s payout ratio is 328.42%.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.