Brokerages Set Kinetik Holdings Inc. (NASDAQ:KNTK) PT at $40.00

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) have earned an average recommendation of “Moderate Buy” from the twelve research firms that are presently covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $40.00.

Several brokerages recently commented on KNTK. Royal Bank of Canada started coverage on shares of Kinetik in a report on Monday, March 25th. They set an “outperform” rating and a $40.00 target price for the company. Barclays began coverage on Kinetik in a report on Monday, April 22nd. They set an “equal weight” rating and a $40.00 price objective for the company. JPMorgan Chase & Co. increased their target price on Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Finally, Mizuho boosted 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 Stock Down 0.1 %

KNTK opened at $38.19 on Friday. Kinetik has a 12-month low of $26.32 and a 12-month high of $40.42. The business has a 50 day moving average of $37.69 and a 200-day moving average of $35.42. The stock has a market cap of $5.87 billion, a price-to-earnings ratio of 16.90, a PEG ratio of 2.01 and a beta of 2.81.

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

Kinetik Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Monday, April 29th will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, April 26th. This represents a $3.00 dividend on an annualized basis and a yield of 7.86%. Kinetik’s payout ratio is 132.74%.

Insider Activity

In other news, insider Jamie Welch acquired 14,814 shares of the firm’s stock in a transaction that occurred on 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 purchase, the insider now directly owns 3,599,225 shares of the company’s stock, valued at approximately $121,473,843.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jamie Welch purchased 14,814 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were bought at an average cost of $33.75 per share, with a total value of $499,972.50. Following the acquisition, the insider now owns 3,599,225 shares of the company’s stock, valued at approximately $121,473,843.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Anne Psencik sold 3,182 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was 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 $8,790,342.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,095,803 shares of company stock worth $442,051,135. 3.71% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Kinetik

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Virtu Financial LLC acquired a new stake in shares of Kinetik during the fourth quarter valued at about $223,000. Principal Financial Group Inc. bought a new position in Kinetik in the 3rd quarter valued at approximately $232,000. Arizona State Retirement System acquired a new stake in Kinetik during the 4th quarter worth approximately $240,000. SG Americas Securities LLC bought a new stake in Kinetik during the 3rd quarter worth approximately $245,000. Finally, Graham Capital Management L.P. acquired a new position in Kinetik in the 3rd quarter valued at approximately $252,000. Institutional investors own 21.11% of the company’s stock.

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.