Kinetik (NASDAQ:KNTK) Trading Down 4.4% – Here’s What Happened

Kinetik Holdings Inc. (NASDAQ:KNTK) dropped 4.4% during mid-day trading on Friday . The company traded as low as $49.27 and last traded at $49.30. Approximately 480,540 shares were traded during trading, a decline of 5% from the average daily volume of 508,293 shares. The stock had previously closed at $51.58.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Mizuho lifted their price target on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday. Scotiabank lifted their target price on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, July 2nd. Royal Bank of Canada increased their price target on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Barclays lifted their price objective on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $45.71.

Kinetik Stock Down 3.8 %

The stock’s 50 day moving average price is $46.14 and its 200-day moving average price is $42.52. The stock has a market capitalization of $7.63 billion, a PE ratio of 21.14, a PEG ratio of 2.60 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last announced its earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $305.94 million. During the same period in the prior year, the company earned $0.41 EPS. The business’s revenue was up 21.4% compared to the same quarter last year. On average, analysts forecast that Kinetik Holdings Inc. will post 1.39 earnings per share for the current year.

Kinetik Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Stockholders of record on Monday, October 28th will be issued a $0.78 dividend. This is a boost from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date is Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.29%. Kinetik’s payout ratio is 127.87%.

Institutional Trading of Kinetik

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Beach Investment Counsel Inc. PA bought a new stake in shares of Kinetik during the 2nd quarter worth approximately $27,000. Ameritas Investment Partners Inc. grew its stake in Kinetik by 112.8% in the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock valued at $145,000 after purchasing an additional 1,926 shares during the last quarter. CWM LLC raised its holdings in Kinetik by 2,030.9% in the third quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after purchasing an additional 3,615 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Kinetik by 244.9% in the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after buying an additional 2,699 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its stake in shares of Kinetik by 270.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock worth $159,000 after acquiring an additional 2,803 shares in the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.