Kinetik (NASDAQ:KNTK) Announces Quarterly Earnings Results

Kinetik (NASDAQ:KNTK) posted 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. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The company had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. During the same period in the prior year, the business earned $0.21 EPS. Kinetik’s revenue for the quarter was up 20.0% on a year-over-year basis.

Kinetik Stock Up 7.5 %

KNTK traded up $3.94 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 stock 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 PE ratio of 22.18, a P/E/G ratio of 2.29 and a beta of 2.91. Kinetik has a 1 year low of $31.73 and a 1 year high of $57.15.

Kinetik Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 7th. Investors of record on Monday, October 28th will be paid a dividend of $0.78 per share. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a yield of 5.53%. The ex-dividend date of this dividend is Monday, October 28th. Kinetik’s dividend payout ratio (DPR) is currently 121.40%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on KNTK shares. Barclays raised their target price on shares of Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Royal Bank of Canada lifted their price objective on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Mizuho increased their target price on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Kinetik presently has a consensus 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.