Kinetik (NASDAQ:KNTK) Sets New 52-Week High After Analyst Upgrade

Kinetik Holdings Inc. (NASDAQ:KNTK) shares hit a new 52-week high during mid-day trading on Wednesday after Royal Bank of Canada raised their price target on the stock from $46.00 to $52.00. Royal Bank of Canada currently has an outperform rating on the stock. Kinetik traded as high as $50.21 and last traded at $50.10, with a volume of 81227 shares changing hands. The stock had previously closed at $49.07.

A number of other research firms also recently weighed in on KNTK. Scotiabank lifted their price objective on Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a report on Tuesday, July 2nd. Barclays upped their price objective on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.86.

Institutional Trading of Kinetik

Large investors have recently made changes to their positions in the company. Beach Investment Counsel Inc. PA bought a new stake in shares of Kinetik in the 2nd quarter valued at $27,000. Ameritas Investment Partners Inc. boosted 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 during the period. CWM LLC boosted its stake in Kinetik by 2,030.9% in the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after purchasing an additional 3,615 shares during the period. Harbor Capital Advisors Inc. boosted its stake in Kinetik by 270.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock worth $159,000 after purchasing an additional 2,803 shares during the period. Finally, Point72 DIFC Ltd acquired a new position in Kinetik in the 2nd quarter worth $187,000. Institutional investors own 21.11% of the company’s stock.

Kinetik Trading Up 1.4 %

The stock has a market capitalization of $7.65 billion, a price-to-earnings ratio of 20.39, a price-to-earnings-growth ratio of 2.60 and a beta of 2.91. The stock’s 50 day moving average is $45.05 and its two-hundred day moving average is $42.08.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.11. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The company had revenue of $359.50 million during the quarter, compared to the consensus estimate of $305.94 million. During the same period in the prior year, the business posted $0.41 EPS. The company’s quarterly revenue was up 21.4% on a year-over-year basis. On average, research analysts anticipate that Kinetik Holdings Inc. will post 1.39 earnings per share for the current year.

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.