Kinetik (NASDAQ:KNTK) Hits New 1-Year High at $47.43

Kinetik Holdings Inc. (NASDAQ:KNTK)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $47.43 and last traded at $47.43, with a volume of 1328 shares traded. The stock had previously closed at $47.28.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Royal Bank of Canada increased 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 increased their target price on shares of 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 reiterated an “equal weight” rating and set a $43.00 target price on shares of Kinetik in a research report on Wednesday, July 10th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Kinetik presently has an average rating of “Moderate Buy” and an average price target of $42.00.

Kinetik Price Performance

The stock has a market capitalization of $7.31 billion, a PE ratio of 19.38, a P/E/G ratio of 2.31 and a beta of 2.91. The business’s fifty day moving average price is $43.18 and its 200-day moving average price is $40.89.

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

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 7th. Investors of record on Monday, July 29th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 6.31%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik’s dividend payout ratio is currently 122.95%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Blackstone Inc. raised its stake in shares of Kinetik by 13.8% during 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 in the last quarter. Vanguard Group Inc. grew 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 purchasing an additional 1,134,570 shares during the last quarter. Westwood Holdings Group Inc. grew 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 purchasing an additional 1,402,751 shares during the last quarter. Kayne Anderson Capital Advisors LP boosted its holdings in 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 valued at $46,448,000 after acquiring an additional 1,109,308 shares in the last quarter. Finally, Yaupon Capital Management LP bought a new stake in Kinetik in the first quarter valued at $30,867,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.