Kinetik (NASDAQ:KNTK) Hits New 1-Year High at $47.80

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $47.80 and last traded at $47.63, with a volume of 214920 shares traded. The stock had previously closed at $46.72.

Analyst Ratings Changes

Several equities analysts have commented on KNTK shares. Royal Bank of Canada lifted their target price on shares of Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Scotiabank boosted their price objective on Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, July 2nd. Finally, Barclays reaffirmed an “equal weight” rating and set a $43.00 target price on shares of Kinetik in a research report on Wednesday, July 10th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.00.

Kinetik Trading Up 2.0 %

The business has a 50-day moving average price of $43.47 and a 200 day moving average price of $41.34. The stock has a market cap of $7.32 billion, a PE ratio of 19.33, a PEG ratio of 2.52 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last issued its earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.11. The firm had revenue of $359.50 million during 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 company’s quarterly revenue was up 21.4% on a year-over-year basis. During the same quarter last year, the business earned $0.41 earnings per share. On average, equities analysts predict that Kinetik Holdings Inc. will post 1.39 earnings per share for the current year.

Kinetik Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.30%. The ex-dividend date was Monday, July 29th. Kinetik’s payout ratio is currently 122.95%.

Institutional Trading of Kinetik

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Beach Investment Counsel Inc. PA purchased a new stake in shares of Kinetik in the second quarter worth about $27,000. Ameritas Investment Partners Inc. lifted its stake in Kinetik by 112.8% in the 1st quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock worth $145,000 after purchasing an additional 1,926 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in shares of Kinetik by 270.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock valued at $159,000 after purchasing an additional 2,803 shares in the last quarter. Point72 DIFC Ltd purchased a new position in shares of Kinetik during the 2nd quarter valued at $187,000. Finally, EntryPoint Capital LLC boosted its stake in Kinetik by 109.8% during the first quarter. EntryPoint Capital LLC now owns 4,709 shares of the company’s stock valued at $188,000 after buying an additional 2,464 shares during the period. 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.