Kinetik
Gathers and processes Delaware Basin gas while moving crude, water and natural gas liquids.
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Profile
Provides natural gas gathering, compression, treating and processing, plus crude oil and produced-water services in the Delaware Basin. Service fees plus natural gas liquids and condensate sales anchor Midstream Logistics, while owned pipelines and stakes in Permian Highway and Shin Oak extend residue gas and liquids toward Gulf Coast and Mexico markets.
Operates an integrated Permian Basin network across Texas and New Mexico, gathering, compressing, treating and processing natural gas alongside crude oil and produced-water services. Midstream Logistics also stabilizes and stores crude, linking producer systems to downstream outlets. Revenue comes from service fees and sales of natural gas liquids, residue gas and condensate.
Pipeline Transportation owns Delaware Link, Kinetik NGL and ECCC pipelines and holds stakes in Permian Highway and Shin Oak, extending gas and liquids toward Gulf Coast and Mexico markets. Throughput depends on drilling and completion activity across its largely Delaware Basin footprint.
Some transportation assets are partner-operated; pipeline rates, safety and produced-water disposal remain subject to federal and state regulation.
Company facts
Key statistics
Year to date +47.6% · Average volume (30d) 1.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 18, 2026 | Morgan Stanley | Reiterate | Overweight | $64 | $70 |
| Aug 17, 2026 | China Renaissance Securities (US) Inc. | Target | $57 | ||
| Aug 11, 2026 | RBC Capital | Reiterate | Outperform | $56 | $57 |
| Aug 10, 2026 | Wells Fargo | Reiterate | Overweight | $58 | $54 |
| Aug 7, 2026 | Raymond James | Reiterate | Outperform | $46 | $55 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.26 | $0.64 | +148.5% | $445.7M | $581.4M | +30.4% | +3.76% |
| May 6, 2026Q1 FY26 | $0.22 | −$0.07 | −131.8% | $437.2M | $410.0M | −6.2% | +0.58% |
| Feb 25, 2026Q4 FY25 | $0.27 | $2.16 | +692.1% | $433.3M | $430.4M | −0.7% | +8.02% |
| Nov 5, 2025Q3 FY25 | $0.23 | $0.23 | 0.0% | $463.4M | $464.0M | +0.1% | −8.14% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $443.3M | $426.7M | $464.0M | $430.4M | $410.0M | $581.4M | |
| Gross profit | $127.2M | $176.3M | $133.2M | $159.1M | $119.4M | $343.8M | |
| Operating income | $19.3M | $77.5M | $19.8M | $48.4M | −$3.9M | $134.0M | |
| Net income | $19.3M | $74.4M | $15.5M | $416.7M | −$5.1M | $49.5M | |
| Diluted EPS | $0.05 | $0.33 | $0.03 | $2.16 | −$0.07 | $0.64 | |
| Gross margin | 28.7% | 41.3% | 28.7% | 37.0% | 29.1% | 59.1% | |
| Operating margin | 4.3% | 18.2% | 4.3% | 11.2% | -0.9% | 23.0% |
Fiscal years (4-quarter sums)FY21 $669.8M · FY22 $1.21B · FY23 $1.26B · FY24 $1.48B · FY25 $1.76B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $7.8M · Total debt $3.98B · Total assets $7.20B · Shareholders' equity −$1.19B
Dividends
Raised for 4 straight years — most recently to $0.81 from $0.78 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 24, 2026 | Jul 24 | Jul 31 | $0.81 | |
| Apr 24, 2026 | Apr 24 | May 1 | $0.81 | |
| Feb 6, 2026 | Feb 6 | Feb 13 | $0.81 | raised from $0.78 |
| Oct 27, 2025 | Oct 27 | Oct 31 | $0.78 | |
| Jul 25, 2025 | Jul 25 | Aug 1 | $0.78 | |
| Apr 25, 2025 | Apr 25 | May 2 | $0.78 | |
| Feb 3, 2025 | Feb 3 | Feb 12 | $0.78 | |
| Oct 28, 2024 | Oct 28 | Nov 7 | $0.78 | raised from $0.75 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 73.60M · Float 49.03M · 66.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| I Squared Capital, LLC | 18.10M | 18.90% | 13D | Aug 19, 2026 |
| Blackstone Inc. | 11.92M | 16.19% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 8.60M | 11.68% | 13F | Aug 7, 2026 |
| Goldman Sachs Group Inc | 4.26M | 5.79% | 13F | Aug 14, 2026 |
| Jamie Welch · director, officer: See Remarks | 3.79M | 5.15% | Form 4 | Mar 4, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 26, 2026 | ISQ Global Fund II GP LLC | 10 percent owner | −76,260 | $55.28 |
| Aug 21, 2026 | ISQ Global Fund II GP LLC | 10 percent owner | −6,963 | $55.17 |
| Aug 20, 2026 | ISQ Global Fund II GP LLC | 10 percent owner | −3,107 | $55.07 |
| Aug 18, 2026 | ISQ Global Fund II GP LLC | 10 percent owner | −64,898 | $54.32 |
| Aug 14, 2026 | Laura A. Sugg | director | −61,180 | $52.25 |
Peers
- Western Midstream Partners
Pure-play Delaware Basin G&P, crude, and water operator anchored by Occidental
- Targa Resources
Largest natural gas gatherer/processor in the Permian, with major Delaware G&P
- Enterprise Products Partners
Largest US midstream MLP, expanding Delaware Basin gathering and processing
- MPLX
Large-cap MLP with growing Delaware Basin gas gathering and processing platform
- Energy Transfer
Largest US diversified midstream MLP with a growing Permian G&P footprint
- ONEOK
Diversified midstream operator scaling Delaware Basin G&P via Medallion/EnLink
- Plains All American Pipeline
Largest US crude oil MLP with a dominant Permian gathering footprint
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Kinetik | $53.81 | −0.02% | $3.96B | 19.5 | 33.5 | 2.1 | +36.3% |
| Western Midstream Partners | $48.33 | +0.13% | $19.96B | 15.1 | 12.5 | 4.6 | +30.0% |
| Targa Resources | $287.82 | +0.01% | $61.78B | 27.4 | 25.7 | 3.7 | +10.3% |
| Enterprise Products Partners | $39.00 | −0.04% | $84.42B | 13.5 | 12.8 | 1.4 | +60.8% |
| MPLX | $59.28 | −0.05% | $60.12B | 12.7 | 12.8 | 4.7 | +10.6% |
| Energy Transfer | $21.34 | +0.12% | $73.33B | 13.2 | 12.9 | 0.7 | +78.4% |
| ONEOK | $94.50 | −0.26% | $59.71B | 16.3 | 15.6 | 1.5 | +52.8% |
| Plains All American Pipeline | $25.54 | +0.22% | $17.98B | 7.1 | 15.6 | 0.3 | +66.3% |
| Median | 13.5 | 12.9 | 1.5 | +52.8% |