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

Kinetik (NASDAQ:KNTK) posted its quarterly 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 firm had revenue of $341.39 million for the quarter, compared to analyst estimates of $277.52 million. During the same quarter last year, the firm earned ($0.06) EPS. The company’s revenue was up 21.5% on a year-over-year basis.

Kinetik Price Performance

NASDAQ KNTK traded down $0.41 on Thursday, hitting $38.96. 495,653 shares of the company were exchanged, compared to its average volume of 556,851. The company’s 50 day moving average price is $38.02 and its 200-day moving average price is $35.49. The firm has a market capitalization of $5.99 billion, a P/E ratio of 17.24, a price-to-earnings-growth ratio of 2.00 and a beta of 2.81. Kinetik has a twelve month low of $28.82 and a twelve month high of $40.42.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Monday, April 29th will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 7.70%. The ex-dividend date is Friday, April 26th. Kinetik’s dividend payout ratio (DPR) is presently 132.74%.

Insiders Place Their Bets

In other Kinetik news, major shareholder Corp Apache sold 13,079,871 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $33.75, for a total transaction of $441,445,646.25. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Anne Psencik sold 3,182 shares of the business’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 completion of the sale, the insider now owns 247,128 shares of the company’s stock, valued at approximately $8,790,342.96. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Corp Apache sold 13,079,871 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $33.75, for a total value of $441,445,646.25. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,095,803 shares of company stock worth $442,051,135. Company insiders own 3.71% of the company’s stock.

Wall Street Analyst Weigh In

KNTK has been the subject of a number of research reports. Mizuho lifted their price objective 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 initiated coverage on shares of Kinetik in a report on Monday, April 22nd. They issued an “equal weight” rating and a $40.00 price objective for the company. Royal Bank of Canada initiated coverage on shares of Kinetik in a report on Monday, March 25th. They set an “outperform” rating and a $40.00 price target for the company. Finally, JPMorgan Chase & Co. boosted their price target on shares of Kinetik from $40.00 to $43.00 and gave the company an “overweight” rating in a 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $40.00.

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.