Kinetik Holdings Inc. (NASDAQ:KNTK) Receives $40.00 Consensus Price Target from Brokerages

Kinetik Holdings Inc. (NASDAQ:KNTK) has received a consensus recommendation of “Moderate Buy” from the twelve research firms that are presently covering the company, Marketbeat reports. Six research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $40.00.

A number of brokerages have weighed in on KNTK. JPMorgan Chase & Co. boosted their target price on shares of Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Royal Bank of Canada began coverage on shares of Kinetik in a research report on Monday, March 25th. They issued an “outperform” rating and a $40.00 price objective for the company. Barclays initiated coverage on Kinetik in a research note on Monday, April 22nd. They issued an “equal weight” rating and a $40.00 target price for the company. Finally, Mizuho upped their price target on Kinetik from $39.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd.

Kinetik Price Performance

KNTK stock opened at $39.15 on Friday. The stock has a market capitalization of $6.02 billion, a price-to-earnings ratio of 17.32, a P/E/G ratio of 2.00 and a beta of 2.81. The business has a fifty day moving average price of $37.90 and a 200 day moving average price of $35.46. Kinetik has a fifty-two week low of $28.82 and a fifty-two week high of $40.42.

Kinetik (NASDAQ:KNTK) last announced its earnings results on Wednesday, February 28th. The company reported $1.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $1.24. The company had revenue of $348.87 million during the quarter, compared to analyst estimates of $301.49 million. Kinetik had a negative return on equity of 49.32% and a net margin of 28.57%. The firm’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period last year, the company posted $0.25 earnings per share. On average, equities analysts expect that Kinetik will post 2.32 earnings per share for the current fiscal year.

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Monday, April 29th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 7.66%. The ex-dividend date of this dividend is Friday, April 26th. Kinetik’s dividend payout ratio (DPR) is currently 132.74%.

Insider Activity

In related news, insider Anne Psencik sold 3,182 shares of Kinetik stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $35.57, for a total transaction of $113,183.74. Following the transaction, the insider now owns 247,128 shares of the company’s stock, valued at approximately $8,790,342.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Kinetik news, insider Anne Psencik sold 3,182 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $35.57, for a total value of $113,183.74. Following the completion of the sale, the insider now owns 247,128 shares of the company’s stock, valued at $8,790,342.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Matthew Wall sold 5,750 shares of Kinetik stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $39.82, for a total transaction of $228,965.00. Following the transaction, the insider now directly owns 530,066 shares in the company, valued at $21,107,228.12. The disclosure for this sale can be found here. Insiders sold a total of 13,095,803 shares of company stock valued at $442,051,135 in the last ninety days. 3.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in KNTK. Virtu Financial LLC bought a new stake in shares of Kinetik during the fourth quarter worth $223,000. Principal Financial Group Inc. bought a new position in Kinetik during the 3rd quarter worth about $232,000. Arizona State Retirement System acquired a new stake in shares of Kinetik in the 4th quarter valued at about $240,000. SG Americas Securities LLC bought a new stake in shares of Kinetik in the third quarter valued at about $245,000. Finally, Graham Capital Management L.P. acquired a new position in shares of Kinetik during the third quarter worth about $252,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Company Profile

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.