Kinetik (NASDAQ:KNTK) Stock Price Down 4.4% – Time to Sell?

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

Analysts Set New Price Targets

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

Kinetik Stock Down 3.8 %

The business’s 50 day simple moving average is $46.26 and its 200 day simple moving average is $42.61. The stock has a market cap of $7.63 billion, a price-to-earnings ratio of 20.34, a PEG ratio of 2.38 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last issued 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. The business had revenue of $359.50 million during the quarter, compared to the consensus estimate of $305.94 million. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. Kinetik’s revenue was up 21.4% on a year-over-year basis. During the same period last year, the business posted $0.41 EPS. Equities research analysts forecast that Kinetik Holdings Inc. will post 1.44 earnings per share for the current fiscal year.

Kinetik Increases Dividend

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

Institutional Investors Weigh In On Kinetik

Several hedge funds have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC raised its position in shares of Kinetik by 3.8% in the first quarter. Commonwealth Equity Services LLC now owns 38,264 shares of the company’s stock valued at $1,526,000 after purchasing an additional 1,387 shares during the period. Private Advisor Group LLC bought a new position in Kinetik in the 1st quarter valued at about $359,000. Capstone Investment Advisors LLC acquired a new stake in Kinetik during the first quarter worth approximately $1,009,000. Kayne Anderson Capital Advisors LP boosted its holdings in shares of 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 acquiring an additional 1,109,308 shares during the period. Finally, Quantbot Technologies LP grew its position in shares of Kinetik by 313.9% in the first quarter. Quantbot Technologies LP now owns 48,899 shares of the company’s stock valued at $1,950,000 after purchasing an additional 37,085 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.