Kinetik (NASDAQ:KNTK) Reaches New 12-Month High at $47.80

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) reached a new 52-week high on Thursday . The stock 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

KNTK has been the subject of several research analyst reports. Royal Bank of Canada lifted their target price on shares of Kinetik from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Scotiabank lifted their price objective on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a report on Tuesday, July 2nd. Finally, Barclays restated an “equal weight” rating and set a $43.00 price target on shares of Kinetik in a research report on Wednesday, July 10th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.00.

Kinetik Stock Up 2.0 %

The firm has a market capitalization of $7.32 billion, a PE ratio of 19.33, a price-to-earnings-growth ratio of 2.52 and a beta of 2.91. The firm’s 50-day simple moving average is $43.47 and its 200-day simple moving average is $41.34.

Kinetik (NASDAQ:KNTK) last announced its quarterly 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 business had revenue of $359.50 million for the quarter, compared to analysts’ expectations of $305.94 million. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The business’s quarterly revenue was up 21.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.41 EPS. On average, equities research analysts forecast that Kinetik Holdings Inc. will post 1.39 earnings per share for the current year.

Kinetik Dividend Announcement

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

Hedge Funds Weigh In On Kinetik

Hedge funds have recently modified their holdings of the company. Blackstone Inc. increased its holdings in Kinetik by 13.8% during the 1st quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock valued at $474,977,000 after purchasing an additional 1,442,653 shares during the period. Westwood Holdings Group Inc. increased its stake in shares of Kinetik by 148.3% during the first quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock valued at $93,636,000 after buying an additional 1,402,751 shares during the period. Vanguard Group Inc. raised its holdings in shares of Kinetik by 52.0% during the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock valued at $132,158,000 after acquiring an additional 1,134,570 shares in the last quarter. Kayne Anderson Capital Advisors LP lifted its stake 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 worth $46,448,000 after acquiring an additional 1,109,308 shares during the period. Finally, Yaupon Capital Management LP bought a new stake in Kinetik in the first quarter valued at $30,867,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

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.