Kinetik (NASDAQ:KNTK) Reaches New 1-Year High at $45.18

Kinetik Holdings Inc. (NASDAQ:KNTK) shares reached a new 52-week high on Monday . The company traded as high as $45.18 and last traded at $44.70, with a volume of 23404 shares trading hands. The stock had previously closed at $45.04.

Analysts Set New Price Targets

KNTK has been the subject of a number of recent analyst reports. Mizuho raised their price target on shares of Kinetik from $39.00 to $42.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Barclays reaffirmed an “equal weight” rating and set a $43.00 price target on shares of Kinetik in a report on Wednesday, July 10th. Scotiabank raised their price target on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a report on Tuesday, July 2nd. JPMorgan Chase & Co. raised 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. Finally, Wells Fargo & Company raised their price objective on shares of Kinetik from $37.00 to $40.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 14th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $41.44.

Kinetik Stock Performance

The company’s fifty day moving average price is $41.31 and its 200 day moving average price is $37.92. The firm has a market capitalization of $6.56 billion, a price-to-earnings ratio of 17.49, a price-to-earnings-growth ratio of 2.79 and a beta of 2.96.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.32). Kinetik had a net margin of 29.62% and a negative return on equity of 48.03%. The business had revenue of $341.39 million during the quarter, compared to analyst estimates of $277.52 million. During the same period last year, the firm posted ($0.06) earnings per share. The company’s quarterly revenue was up 21.5% on a year-over-year basis. As a group, sell-side analysts expect that Kinetik Holdings Inc. will post 1.15 earnings per share for the current year.

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 7.03%. The ex-dividend date of this dividend is Monday, July 29th. Kinetik’s dividend payout ratio (DPR) is presently 122.95%.

Institutional Trading of Kinetik

Several hedge funds have recently bought and sold shares of KNTK. SG Americas Securities LLC lifted its position in Kinetik by 19.1% in the 4th quarter. SG Americas Securities LLC now owns 8,638 shares of the company’s stock valued at $289,000 after purchasing an additional 1,383 shares during the last quarter. Mutual Advisors LLC bought a new stake in Kinetik in the 4th quarter valued at about $301,000. Raymond James Financial Services Advisors Inc. lifted its position in Kinetik by 2.1% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 62,335 shares of the company’s stock valued at $2,082,000 after purchasing an additional 1,292 shares during the last quarter. Pacer Advisors Inc. lifted its position in Kinetik by 5.6% in the 4th quarter. Pacer Advisors Inc. now owns 23,689 shares of the company’s stock valued at $791,000 after purchasing an additional 1,260 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new stake in Kinetik in the 4th quarter valued at about $3,756,000. 21.11% of the stock is currently owned by institutional investors.

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.