Kinetik (NASDAQ:KNTK) Hits New 1-Year High – Should You Buy?

Kinetik Holdings Inc. (NASDAQ:KNTK) reached a new 52-week high during trading on Wednesday . The stock traded as high as $48.83 and last traded at $48.83, with a volume of 59427 shares changing hands. The stock had previously closed at $48.13.

Analyst Upgrades and Downgrades

KNTK has been the topic of a number of recent research reports. Scotiabank increased their target price on Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a report on Tuesday, July 2nd. Royal Bank of Canada raised their price objective on shares of Kinetik from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Finally, Barclays reiterated an “equal weight” rating and set a $43.00 price objective on shares of Kinetik in a report on Wednesday, July 10th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.43.

Kinetik Stock Performance

The stock has a market cap of $7.49 billion, a PE ratio of 20.03, a price-to-earnings-growth ratio of 2.52 and a beta of 2.91. The company’s 50 day simple moving average is $43.99 and its 200 day simple moving average is $41.67.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.11. The firm had revenue of $359.50 million during 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%. The business’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 EPS. Equities research analysts expect that Kinetik Holdings Inc. will post 1.39 earnings per share for the current year.

Kinetik Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 7th. Investors of record on Monday, July 29th were issued a dividend of $0.75 per share. The ex-dividend date was Monday, July 29th. This represents a $3.00 dividend on an annualized basis and a yield of 6.16%. Kinetik’s dividend payout ratio (DPR) is presently 122.95%.

Institutional Investors Weigh In On Kinetik

Hedge funds have recently modified their holdings of the stock. Beach Investment Counsel Inc. PA purchased a new stake in Kinetik in the 2nd quarter worth about $27,000. Ameritas Investment Partners Inc. lifted its stake in shares of Kinetik by 112.8% during the 1st quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock valued at $145,000 after buying an additional 1,926 shares in the last quarter. CWM LLC grew its stake in Kinetik by 2,030.9% in the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after buying an additional 3,615 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in Kinetik by 270.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock valued at $159,000 after acquiring an additional 2,803 shares during the period. Finally, Point72 DIFC Ltd bought a new stake in Kinetik during the 2nd quarter valued at $187,000. Institutional investors own 21.11% of the company’s stock.

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.