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

Kinetik Holdings Inc. (NASDAQ:KNTK) hit 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 trading hands. The stock had previously closed at $41.44.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on KNTK. Wells Fargo & Company lifted their price objective on Kinetik from $37.00 to $40.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 14th. Royal Bank of Canada began coverage on Kinetik in a report on Monday, March 25th. They issued an “outperform” rating and a $40.00 target price for the company. Mizuho lifted their price target on Kinetik from $39.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. JPMorgan Chase & Co. lifted their price target on Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Finally, Barclays began coverage on Kinetik in a report on Monday, April 22nd. They set an “equal weight” rating and a $40.00 price target for the company. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Kinetik currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.50.

Kinetik Stock Performance

The company 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 cap of $6.37 billion, a price-to-earnings ratio of 16.98, a PEG ratio of 2.56 and a beta of 2.96.

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

Kinetik Dividend Announcement

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

Institutional Trading of Kinetik

A number of institutional investors and hedge funds have recently made changes to their positions in KNTK. Ameritas Investment Partners Inc. increased its holdings in Kinetik by 112.8% in the 1st quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock valued at $145,000 after purchasing an additional 1,926 shares in the last quarter. EntryPoint Capital LLC increased its holdings in Kinetik by 109.8% in the 1st quarter. EntryPoint Capital LLC now owns 4,709 shares of the company’s stock valued at $188,000 after purchasing an additional 2,464 shares in the last quarter. Virtu Financial LLC acquired a new stake in Kinetik in the 4th quarter valued at $223,000. Arizona State Retirement System acquired a new stake in shares of Kinetik during the fourth quarter valued at about $240,000. Finally, Graham Capital Management L.P. acquired a new stake in shares of Kinetik during the third quarter valued at about $252,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

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.