Kinetik (NASDAQ:KNTK) Hits New 52-Week High – Still a Buy?

Kinetik Holdings Inc. (NASDAQ:KNTK)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $65.89 and last traded at $65.04, with a volume of 24833 shares. The stock had previously closed at $65.17.

Analysts Set New Price Targets

Several research firms recently commented on KNTK. Royal Bank of Canada upped their target price on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company boosted their price objective on shares of Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Mizuho increased their target price on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Citigroup upped their price target on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, Scotiabank started coverage on Kinetik in a report on Friday, January 10th. They set a “sector outperform” rating and a $64.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Kinetik presently has an average rating of “Moderate Buy” and an average target price of $59.50.

Kinetik Stock Performance

The company has a 50-day moving average of $58.57 and a 200 day moving average of $50.10. The firm has a market cap of $10.28 billion, a P/E ratio of 24.07, a P/E/G ratio of 1.80 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last issued its earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.10). The firm had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.21 EPS. Sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.35 EPS for the current fiscal year.

Institutional Trading of Kinetik

Hedge funds have recently modified their holdings of the company. GAMMA Investing LLC grew its position in Kinetik by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after acquiring an additional 213 shares during the last quarter. Ashton Thomas Securities LLC bought a new stake in shares of Kinetik during the third quarter worth $46,000. Blue Trust Inc. raised its holdings in shares of Kinetik by 244.9% in the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after buying an additional 2,699 shares during the last quarter. CWM LLC lifted its position in Kinetik by 2,030.9% during the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after buying an additional 3,615 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new stake in Kinetik during the 2nd quarter worth about $187,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.