Kinetik Holdings Inc. (NASDAQ:KNTK) Receives $39.33 Consensus PT from Brokerages

Kinetik Holdings Inc. (NASDAQ:KNTK) has earned an average recommendation of “Hold” from the thirteen ratings firms that are currently covering the firm, MarketBeat.com reports. Seven research 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 brokerages that have covered the stock in the last year is $39.33.

Several research firms have issued reports on KNTK. Royal Bank of Canada began coverage on shares of Kinetik in a research note on Monday, March 25th. They set an “outperform” rating and a $40.00 price objective for the company. Citigroup restated a “neutral” rating and issued a $35.00 target price on shares of Kinetik in a research note on Tuesday, December 19th. Finally, JPMorgan Chase & Co. raised shares of Kinetik from a “neutral” rating to an “overweight” rating and upped their price target for the company from $38.00 to $40.00 in a report on Friday, March 8th.

Insider Transactions at Kinetik

In other news, insider Jamie Welch bought 14,814 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were acquired at an average cost of $33.75 per share, with a total value of $499,972.50. Following the completion of the transaction, the insider now directly owns 3,599,225 shares in the company, valued at approximately $121,473,843.75. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Anne Psencik sold 3,182 shares of the business’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 transaction of $113,183.74. Following the transaction, the insider now directly 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 is accessible through the SEC website. Also, insider Jamie Welch acquired 14,814 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were bought at an average cost of $33.75 per share, for a total transaction of $499,972.50. Following the completion of the transaction, the insider now directly owns 3,599,225 shares of the company’s stock, valued at approximately $121,473,843.75. The disclosure for this purchase can be found here. Insiders have sold 13,095,803 shares of company stock valued at $442,051,135 in the last quarter. Insiders own 3.62% of the company’s stock.

Institutional Trading of Kinetik

A number of institutional investors have recently added to or reduced their stakes in the business. Blackstone Inc. lifted its stake in Kinetik by 15.9% in the fourth quarter. Blackstone Inc. now owns 10,470,501 shares of the company’s stock valued at $349,715,000 after acquiring an additional 1,433,616 shares during the last quarter. Vanguard Group Inc. lifted its stake in Kinetik by 28.2% in the fourth quarter. Vanguard Group Inc. now owns 2,180,143 shares of the company’s stock valued at $72,817,000 after acquiring an additional 479,325 shares during the last quarter. BlackRock Inc. lifted its stake in Kinetik by 4.2% in the second quarter. BlackRock Inc. now owns 1,815,437 shares of the company’s stock valued at $63,794,000 after acquiring an additional 72,958 shares during the last quarter. Westwood Holdings Group Inc. acquired a new stake in Kinetik in the fourth quarter valued at approximately $31,589,000. Finally, Cohen & Steers Inc. lifted its stake in shares of Kinetik by 97.5% in the fourth quarter. Cohen & Steers Inc. now owns 762,940 shares of the company’s stock worth $25,482,000 after buying an additional 376,732 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Price Performance

NASDAQ:KNTK opened at $39.21 on Monday. The firm has a 50 day simple moving average of $35.78 and a 200-day simple moving average of $34.90. The firm has a market cap of $5.93 billion, a PE ratio of 17.35, a P/E/G ratio of 2.64 and a beta of 2.80. Kinetik has a 1-year low of $26.32 and a 1-year high of $40.42.

Kinetik (NASDAQ:KNTK) last released its earnings results on Wednesday, February 28th. The company reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $1.24. Kinetik had a net margin of 28.57% and a negative return on equity of 49.32%. The firm had revenue of $348.87 million during the quarter, compared to the consensus estimate of $301.49 million. During the same period in the previous year, the firm earned $0.25 earnings per share. Kinetik’s revenue was up 18.1% compared to the same quarter last year. As a group, sell-side analysts expect that Kinetik will post 2.02 earnings per share for the current fiscal year.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Thursday, February 22nd were paid a $0.75 dividend. The ex-dividend date was Wednesday, February 21st. This represents a $3.00 annualized dividend and a dividend yield of 7.65%. Kinetik’s dividend payout ratio is currently 132.74%.

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.