Kinetik (NASDAQ:KNTK) Posts Quarterly Earnings Results, Misses Estimates By $0.17 EPS

Kinetik (NASDAQ:KNTK) released its earnings results on Wednesday. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.17), Briefing.com reports. The firm had revenue of $396.40 million during the quarter, compared to analysts’ expectations of $331.21 million. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.21 EPS.

Kinetik Stock Performance

Shares of KNTK stock traded up $3.94 during trading hours on Thursday, reaching $56.42. The company had a trading volume of 1,246,903 shares, compared to its average volume of 512,415. The business has a fifty day moving average price of $47.26 and a 200-day moving average price of $43.20. Kinetik has a one year low of $31.73 and a one year high of $57.15. The firm has a market cap of $8.89 billion, a PE ratio of 22.18, a price-to-earnings-growth ratio of 2.29 and a beta of 2.91.

Kinetik Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 7th. Investors of record on Monday, October 28th will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 5.53%. This is an increase from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Monday, October 28th. Kinetik’s dividend payout ratio (DPR) is presently 121.40%.

Wall Street Analyst Weigh In

KNTK has been the topic of several research reports. Royal Bank of Canada boosted their price objective on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Barclays upped their price target on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Finally, Mizuho lifted their price objective on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Kinetik currently has an average rating of “Moderate Buy” and a consensus target price of $45.71.

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.