Kinetik (NASDAQ:KNTK) Sets New 52-Week High at $41.90

Kinetik Holdings Inc. (NASDAQ:KNTK)’s stock price reached a new 52-week high on Monday . The company traded as high as $41.90 and last traded at $41.48, with a volume of 55592 shares changing hands. The stock had previously closed at $41.44.

Analyst Ratings Changes

A number of equities analysts recently weighed in on KNTK shares. Wells Fargo & Company lifted their price objective on shares of Kinetik from $37.00 to $40.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 14th. Barclays started coverage on Kinetik in a report on Monday, April 22nd. They issued an “equal weight” rating and a $40.00 target price for the company. Royal Bank of Canada initiated coverage on Kinetik in a research note on Monday, March 25th. They set an “outperform” rating and a $40.00 price target for the company. Scotiabank boosted their target price on shares of Kinetik from $38.00 to $42.00 and gave the company a “sector outperform” rating in a research note on Friday, May 10th. Finally, Mizuho boosted their target price on shares of Kinetik from $39.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Kinetik has an average rating of “Moderate Buy” and a consensus price target of $40.50.

Kinetik Trading Up 0.0 %

The stock has a 50-day simple moving average of $39.88 and a 200-day simple moving average of $36.73. The company has a market capitalization of $6.37 billion, a price-to-earnings ratio of 16.98, a price-to-earnings-growth ratio of 2.56 and a beta of 2.96.

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

Kinetik Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Investors of record on Monday, April 29th were paid a dividend of $0.75 per share. The ex-dividend date was Friday, April 26th. This represents a $3.00 dividend on an annualized basis and a yield of 7.24%. Kinetik’s payout ratio is currently 122.95%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. American Financial Group Inc. boosted its stake in Kinetik by 3.8% during the first quarter. American Financial Group Inc. now owns 13,500 shares of the company’s stock valued at $538,000 after buying an additional 500 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Kinetik by 1.6% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 63,335 shares of the company’s stock worth $2,525,000 after buying an additional 1,000 shares during the period. Deutsche Bank AG raised its position in Kinetik by 5.4% during the third quarter. Deutsche Bank AG now owns 22,401 shares of the company’s stock valued at $756,000 after buying an additional 1,149 shares during the period. Pacer Advisors Inc. raised its position in Kinetik by 5.6% during the fourth quarter. Pacer Advisors Inc. now owns 23,689 shares of the company’s stock valued at $791,000 after buying an additional 1,260 shares during the period. Finally, SG Americas Securities LLC raised its position in Kinetik by 19.1% during the fourth quarter. SG Americas Securities LLC now owns 8,638 shares of the company’s stock valued at $289,000 after buying an additional 1,383 shares during the period. Institutional investors own 21.11% of the company’s stock.

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.