Kinetik (NASDAQ:KNTK) Sets New 52-Week High – Here’s Why

Kinetik Holdings Inc. (NASDAQ:KNTK)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $48.83 and last traded at $48.83, with a volume of 59427 shares. The stock had previously closed at $48.13.

Analysts Set New Price Targets

KNTK has been the subject of a number of recent research reports. Barclays reissued an “equal weight” rating and issued a $43.00 price objective on shares of Kinetik in a research note on Wednesday, July 10th. Scotiabank boosted their price objective on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, July 2nd. Finally, Royal Bank of Canada lifted their price target on shares of Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $42.43.

Kinetik Price Performance

The company’s fifty day simple moving average is $44.27 and its 200-day simple moving average is $41.77. The firm has a market capitalization of $7.83 billion, a PE ratio of 19.22, a price-to-earnings-growth ratio of 2.60 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.11. The firm had revenue of $359.50 million for the quarter, compared to analyst estimates of $305.94 million. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The business’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.41 earnings per share. As a group, equities research analysts anticipate that Kinetik Holdings Inc. will post 1.39 earnings per share for the current fiscal year.

Kinetik Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.04%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik’s dividend payout ratio (DPR) is presently 116.73%.

Institutional Investors Weigh In On Kinetik

A number of large investors have recently made changes to their positions in the stock. Gilman Hill Asset Management LLC grew its holdings in shares of Kinetik by 551.6% during the third quarter. Gilman Hill Asset Management LLC now owns 244,524 shares of the company’s stock valued at $11,067,000 after buying an additional 206,999 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in shares of Kinetik by 19.3% during the third quarter. Exchange Traded Concepts LLC now owns 80,491 shares of the company’s stock valued at $3,643,000 after buying an additional 13,011 shares during the last quarter. CWM LLC boosted its holdings in Kinetik by 2,030.9% in the third quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after purchasing an additional 3,615 shares during the last quarter. SL Advisors LLC boosted its holdings in Kinetik by 5.0% in the third quarter. SL Advisors LLC now owns 21,927 shares of the company’s stock valued at $992,000 after purchasing an additional 1,037 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Kinetik by 71.9% in the third quarter. SG Americas Securities LLC now owns 5,678 shares of the company’s stock valued at $257,000 after purchasing an additional 2,375 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.