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

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

Kinetik Price Performance

Shares of NASDAQ:KNTK traded down $0.41 during trading on Thursday, reaching $38.96. 495,627 shares of the stock were exchanged, compared to its average volume of 556,850. Kinetik has a 1-year low of $28.82 and a 1-year high of $40.42. The stock has a fifty day moving average of $38.02 and a two-hundred day moving average of $35.49. The firm has a market cap of $5.99 billion, a price-to-earnings ratio of 17.38, a price-to-earnings-growth ratio of 2.00 and a beta of 2.81.

Kinetik Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Monday, April 29th will be paid a $0.75 dividend. 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 (DPR) is presently 132.74%.

Insider Buying and Selling at Kinetik

In related news, insider Anne Psencik sold 3,182 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $35.57, for a total value of $113,183.74. Following the sale, the insider now owns 247,128 shares in the company, valued at approximately $8,790,342.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, 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 transaction of $228,965.00. Following the transaction, the insider now owns 530,066 shares of the company’s stock, valued at approximately $21,107,228.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Anne Psencik sold 3,182 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $35.57, for a total transaction of $113,183.74. Following the sale, the insider now directly owns 247,128 shares in the company, valued at $8,790,342.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,095,803 shares of company stock worth $442,051,135. 3.71% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently commented on KNTK shares. Mizuho lifted their target price on shares of Kinetik from $39.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Barclays started coverage on shares of Kinetik in a research report on Monday, April 22nd. They issued an “equal weight” rating and a $40.00 target price for the company. JPMorgan Chase & Co. raised their price objective on Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Finally, Royal Bank of Canada initiated coverage on shares of Kinetik in a research report on Monday, March 25th. They set an “outperform” rating and a $40.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $40.00.

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.