Kinetik (NASDAQ:KNTK) Reaches New 1-Year High at $45.74

Kinetik Holdings Inc. (NASDAQ:KNTK) shares reached a new 52-week high during trading on Monday . The stock traded as high as $45.74 and last traded at $45.59, with a volume of 110196 shares traded. The stock had previously closed at $44.66.

Wall Street Analyst Weigh In

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

Kinetik Price Performance

The stock has a market capitalization of $7.04 billion, a PE ratio of 18.84, a P/E/G ratio of 2.31 and a beta of 2.91. The stock has a 50 day moving average of $42.88 and a two-hundred day moving average of $40.57.

Kinetik (NASDAQ:KNTK) last posted its earnings results on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.11. The company had revenue of $359.50 million for the quarter, compared to the consensus estimate of $305.94 million. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. Kinetik’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.41 earnings per share. As a group, research analysts predict that Kinetik Holdings Inc. will post 1.39 earnings per share for the current fiscal 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. The ex-dividend date was Monday, July 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.55%. Kinetik’s dividend payout ratio (DPR) is 122.95%.

Hedge Funds Weigh In On Kinetik

A number of institutional investors have recently made changes to their positions in the stock. Blackstone Inc. raised its holdings in shares of Kinetik by 13.8% in the first quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock worth $474,977,000 after acquiring an additional 1,442,653 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Kinetik by 52.0% in the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock worth $132,158,000 after acquiring an additional 1,134,570 shares during the last quarter. Westwood Holdings Group Inc. raised its holdings in shares of Kinetik by 148.3% in the first quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock worth $93,636,000 after acquiring an additional 1,402,751 shares during the last quarter. Kayne Anderson Capital Advisors LP raised its holdings in shares of Kinetik by 1,992.8% in the first quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company’s stock worth $46,448,000 after acquiring an additional 1,109,308 shares during the last quarter. Finally, Yaupon Capital Management LP acquired a new position in shares of Kinetik in the first quarter worth $30,867,000. 21.11% of the stock is owned by institutional investors and hedge funds.

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.