Kinetik (NASDAQ:KNTK) Issues Earnings Results

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

Kinetik Price Performance

Shares of NASDAQ KNTK traded up $3.94 during midday trading on Thursday, reaching $56.42. The company’s stock had a trading volume of 1,246,903 shares, compared to its average volume of 512,415. Kinetik has a 12-month low of $31.73 and a 12-month high of $57.15. The firm has a 50 day moving average price of $47.26 and a 200-day moving average price of $43.20. The stock has a market capitalization of $8.89 billion, a P/E ratio of 22.18, a PEG ratio of 2.29 and a beta of 2.91.

Kinetik Increases Dividend

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

Wall Street Analysts Forecast Growth

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

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.