Kinetik Holdings Inc. (NYSE:KNTK) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Kinetik Holdings Inc. (NYSE:KNTK) have earned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $54.6667.

Several research analysts have issued reports on KNTK shares. Barclays cut their price target on Kinetik from $49.00 to $43.00 and set an “equal weight” rating on the stock in a report on Monday, July 14th. Citigroup reiterated a “buy” rating on shares of Kinetik in a report on Tuesday, June 10th. 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 research note on Friday, August 29th. Finally, Wall Street Zen raised shares of Kinetik from a “sell” rating to a “hold” rating in a research note on Saturday.

Kinetik Price Performance

KNTK stock opened at $43.07 on Monday. The stock has a market capitalization of $6.97 billion, a PE ratio of 58.20, a price-to-earnings-growth ratio of 1.09 and a beta of 3.16. The company’s 50-day moving average is $41.86 and its 200-day moving average is $44.23. Kinetik has a 1 year low of $39.25 and a 1 year high of $67.60.

Kinetik (NYSE:KNTK) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 was up 18.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.54 EPS.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were given a $0.78 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $3.12 annualized dividend and a yield of 7.2%. Kinetik’s dividend payout ratio (DPR) is presently 421.62%.

Hedge Funds Weigh In On Kinetik

Several large investors have recently bought and sold shares of KNTK. Zimmer Partners LP bought a new stake in shares of Kinetik during the 1st quarter worth $102,124,000. RR Advisors LLC bought a new stake in Kinetik in the second quarter worth about $22,471,000. Adage Capital Partners GP L.L.C. bought a new stake in Kinetik in the second quarter worth about $22,025,000. Westwood Holdings Group Inc. raised 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 worth $61,429,000 after acquiring an additional 475,606 shares during the period. Finally, Bank of America Corp DE raised its position in Kinetik by 109.7% in the second quarter. Bank of America Corp DE now owns 776,306 shares of the company’s stock worth $34,196,000 after acquiring an additional 406,160 shares during the period. 21.11% of the stock is currently owned by 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.