Kinetik (NASDAQ:KNTK) Posts Earnings Results, Misses Expectations By $0.32 EPS

Kinetik (NASDAQ:KNTK) announced its earnings results on Wednesday. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.32), Briefing.com reports. Kinetik had a negative return on equity of 49.32% and a net margin of 28.57%. The business had revenue of $341.39 million for the quarter, compared to analyst estimates of $277.52 million. During the same quarter in the previous year, the company posted ($0.06) EPS. The business’s revenue for the quarter was up 21.5% compared to the same quarter last year.

Kinetik Trading Down 1.0 %

Shares of KNTK stock traded down $0.41 during midday trading on Thursday, reaching $38.96. 495,653 shares of the stock were exchanged, compared to its average volume of 556,851. The company’s 50 day moving average is $38.02 and its two-hundred day moving average is $35.49. Kinetik has a 1 year low of $28.82 and a 1 year high of $40.42. The firm has a market cap of $5.99 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 2.00 and a beta of 2.81.

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Monday, April 29th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, April 26th. This represents a $3.00 dividend on an annualized basis and a yield of 7.70%. Kinetik’s dividend payout ratio is presently 132.74%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on KNTK. Barclays initiated coverage on shares of Kinetik in a research report on Monday, April 22nd. They set an “equal weight” rating and a $40.00 price target on the stock. Royal Bank of Canada began coverage on Kinetik in a research report on Monday, March 25th. They set an “outperform” rating and a $40.00 price target for the company. Mizuho increased their price target on Kinetik from $39.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. increased their price target on Kinetik from $40.00 to $43.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $40.00.

Insider Transactions at Kinetik

In related news, insider Anne Psencik sold 3,182 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $35.57, for a total value of $113,183.74. Following the transaction, the insider now directly owns 247,128 shares of the company’s stock, valued at approximately $8,790,342.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Kinetik news, insider Anne Psencik sold 3,182 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $35.57, for a total transaction of $113,183.74. Following the completion of the sale, the insider now directly owns 247,128 shares in the company, valued at approximately $8,790,342.96. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Matthew Wall sold 5,750 shares of the company’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $39.82, for a total value of $228,965.00. Following the completion of the sale, the insider now owns 530,066 shares of the company’s stock, valued at $21,107,228.12. The disclosure for this sale can be found here. Insiders have sold a total of 13,095,803 shares of company stock valued at $442,051,135 in the last ninety days. 3.71% of the stock is currently owned by corporate insiders.

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.