Kinetik (NASDAQ:KNTK) Reaches New 52-Week High – What’s Next?

Kinetik Holdings Inc. (NASDAQ:KNTK)’s share price reached a new 52-week high on Wednesday . The company traded as high as $52.85 and last traded at $52.85, with a volume of 7830 shares traded. The stock had previously closed at $49.99.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on KNTK shares. Mizuho boosted their target price on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Barclays upped their price objective on shares of Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Finally, Royal Bank of Canada lifted their target price on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Kinetik has an average rating of “Moderate Buy” and a consensus target price of $45.71.

Kinetik Stock Up 7.5 %

The company has a market cap of $8.89 billion, a price-to-earnings ratio of 21.95, a P/E/G ratio of 2.29 and a beta of 2.91. The business has a fifty day simple moving average of $47.50 and a 200 day simple moving average of $43.29.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.17). Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The company had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. During the same quarter last year, the business earned $0.21 EPS. The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. Equities analysts anticipate that Kinetik Holdings Inc. will post 1.44 EPS for the current fiscal year.

Kinetik Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were issued a $0.78 dividend. The ex-dividend date was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.53%. This is a boost from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio is currently 121.40%.

Hedge Funds Weigh In On Kinetik

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Sei Investments Co. grew its holdings in Kinetik by 367.6% in the first quarter. Sei Investments Co. now owns 55,663 shares of the company’s stock valued at $2,219,000 after purchasing an additional 43,758 shares during the last quarter. Swiss National Bank grew its stake in Kinetik by 39.5% in the 1st quarter. Swiss National Bank now owns 70,600 shares of the company’s stock valued at $2,815,000 after acquiring an additional 20,000 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Kinetik during the 1st quarter valued at about $755,000. Castleark Management LLC acquired a new position in Kinetik during the first quarter worth about $689,000. Finally, Quantbot Technologies LP lifted its holdings in shares of Kinetik by 313.9% in the first quarter. Quantbot Technologies LP now owns 48,899 shares of the company’s stock valued at $1,950,000 after purchasing an additional 37,085 shares in the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

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.