Kinetik (NASDAQ:KNTK) Reaches New 1-Year High on Analyst Upgrade

Kinetik Holdings Inc. (NASDAQ:KNTK)’s share 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 trading hands. The stock had previously closed at $50.71.

Other equities research analysts also recently issued research reports about the stock. Royal Bank of Canada upped their price target on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Barclays boosted their price objective on shares of Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Finally, Scotiabank boosted their price objective on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 2nd. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $45.71.

Hedge Funds Weigh In On Kinetik

Hedge funds and other institutional investors have recently bought and sold shares of the business. Commonwealth Equity Services LLC grew its stake in shares of Kinetik by 3.8% during the 1st quarter. Commonwealth Equity Services LLC now owns 38,264 shares of the company’s stock worth $1,526,000 after purchasing an additional 1,387 shares during the period. Private Advisor Group LLC acquired a new stake in Kinetik in the 1st quarter valued at $359,000. Capstone Investment Advisors LLC acquired a new stake in Kinetik in the 1st quarter valued at $1,009,000. Kayne Anderson Capital Advisors LP lifted its holdings in Kinetik by 1,992.8% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company’s stock valued at $46,448,000 after purchasing an additional 1,109,308 shares in the last quarter. Finally, Quantbot Technologies LP lifted its holdings in Kinetik by 313.9% in the 1st quarter. Quantbot Technologies LP now owns 48,899 shares of the company’s stock valued at $1,950,000 after purchasing an additional 37,085 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Trading Up 0.6 %

The business has a fifty day simple moving average of $45.98 and a two-hundred day simple moving average of $42.45. The company has a market cap of $7.84 billion, a PE ratio of 20.77, a price-to-earnings-growth ratio of 2.60 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.11. The company had revenue of $359.50 million for the quarter, compared to analyst estimates of $305.94 million. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The firm’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 EPS. Equities analysts expect that Kinetik Holdings Inc. will post 1.39 EPS 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 issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 6.12%. The ex-dividend date of this dividend is Monday, October 28th. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s payout ratio is currently 127.87%.

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.