Kinetik (NASDAQ:KNTK) Reaches New 12-Month High on Analyst Upgrade

Kinetik Holdings Inc. (NASDAQ:KNTK)’s stock price reached a new 52-week high during mid-day trading on Thursday after Mizuho raised their price target on the stock from $47.00 to $55.00. Mizuho currently has an outperform rating on the stock. Kinetik traded as high as $51.31 and last traded at $51.14, with a volume of 28659 shares changing hands. The stock had previously closed at $50.71.

KNTK has been the topic of a number of other research reports. Scotiabank lifted their price target on Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a report on Tuesday, July 2nd. Barclays boosted their price target on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Finally, Royal Bank of Canada raised their price target on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $45.71.

Hedge Funds Weigh In On Kinetik

Several large investors have recently made changes to their positions in the business. Sei Investments Co. lifted its holdings in shares of Kinetik by 367.6% during the first quarter. Sei Investments Co. now owns 55,663 shares of the company’s stock valued at $2,219,000 after purchasing an additional 43,758 shares during the last quarter. Swiss National Bank boosted its holdings in shares of Kinetik by 39.5% in the first quarter. Swiss National Bank now owns 70,600 shares of the company’s stock worth $2,815,000 after buying an additional 20,000 shares during the period. Capstone Investment Advisors LLC purchased a new position in shares of Kinetik in the first quarter worth approximately $1,009,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Kinetik during the first quarter valued at approximately $755,000. Finally, Castleark Management LLC purchased a new stake in shares of Kinetik in the 1st quarter valued at approximately $689,000. Institutional investors own 21.11% of the company’s stock.

Kinetik Stock Performance

The stock has a market cap of $7.82 billion, a price-to-earnings ratio of 19.32, a price-to-earnings-growth ratio of 2.38 and a beta of 2.91. The business’s 50 day moving average is $46.26 and its 200 day moving average is $42.59.

Kinetik (NASDAQ:KNTK) last issued its earnings results on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.43 by $0.11. The business had revenue of $359.50 million during 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%. Kinetik’s revenue was up 21.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.41 earnings per share. Research analysts expect that Kinetik Holdings Inc. will post 1.44 earnings per share for the current year.

Kinetik Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 7th. Stockholders of record on Monday, October 28th will be given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.29%. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Monday, October 28th. Kinetik’s dividend payout ratio is 116.73%.

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.