Kinetik (NASDAQ:KNTK) Announces Quarterly Earnings Results, Misses Estimates By $0.10 EPS

Kinetik (NASDAQ:KNTK) announced its quarterly earnings results on Wednesday. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10), Briefing.com reports. Kinetik had a net margin of 30.25% and a negative return on equity of 48.41%. The business had revenue of $396.40 million for the quarter, compared to analyst estimates of $331.21 million. During the same period last year, the firm earned $0.21 earnings per share. The company’s quarterly revenue was up 20.0% on a year-over-year basis.

Kinetik Stock Up 2.7 %

Shares of KNTK stock opened at $57.96 on Friday. The stock has a 50-day simple moving average of $47.77 and a 200 day simple moving average of $43.46. The stock has a market capitalization of $9.13 billion, a P/E ratio of 21.39, a P/E/G ratio of 2.47 and a beta of 2.91. Kinetik has a fifty-two week low of $31.73 and a fifty-two week high of $57.97.

Kinetik Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.38%. The ex-dividend date was Monday, October 28th. This is an increase from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s payout ratio is currently 115.13%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Barclays boosted their price target 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 boosted their price objective on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Mizuho lifted their target price 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 company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.