Brokerages Set Kinetik Holdings Inc. (NASDAQ:KNTK) Target Price at $42.00

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) have earned an average recommendation of “Moderate Buy” from the seven brokerages that are covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $42.43.

Several brokerages recently issued reports on KNTK. Barclays reiterated an “equal weight” rating and issued a $43.00 target price on shares of Kinetik in a research note on Wednesday, July 10th. Scotiabank raised their price objective on Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 2nd. Finally, Royal Bank of Canada boosted their target price on Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th.

Kinetik Stock Up 1.7 %

Shares of Kinetik stock opened at $48.46 on Monday. The stock has a market cap of $7.45 billion, a P/E ratio of 19.86, a P/E/G ratio of 2.52 and a beta of 2.91. Kinetik has a 12-month low of $31.73 and a 12-month high of $48.49. The business’s 50 day moving average is $43.72 and its 200-day moving average is $41.52.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.11. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The firm had revenue of $359.50 million for the quarter, compared to analyst estimates of $305.94 million. During the same period in the prior year, the firm posted $0.41 earnings per share. The company’s quarterly revenue was up 21.4% compared to the same quarter last year. On average, sell-side analysts expect that Kinetik will post 1.39 EPS for the current year.

Kinetik Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 7th. Shareholders of record on Monday, July 29th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 6.19%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik’s dividend payout ratio is 122.95%.

Institutional Investors Weigh In On Kinetik

A number of institutional investors have recently modified their holdings of KNTK. Blackstone Inc. raised its stake in Kinetik by 13.8% in the 1st quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock worth $474,977,000 after purchasing an additional 1,442,653 shares in the last quarter. Westwood Holdings Group Inc. raised its position in shares of Kinetik by 148.3% in the first quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock valued at $93,636,000 after buying an additional 1,402,751 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Kinetik by 52.0% in the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock valued at $132,158,000 after buying an additional 1,134,570 shares during the period. Kayne Anderson Capital Advisors LP grew its position in Kinetik by 1,992.8% during the first quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company’s stock worth $46,448,000 after buying an additional 1,109,308 shares in the last quarter. Finally, Yaupon Capital Management LP bought a new position in Kinetik during the 1st quarter worth $30,867,000. Institutional investors own 21.11% of the company’s stock.

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.