Kinetik (NASDAQ:KNTK) Hits New 1-Year High at $41.90

Kinetik Holdings Inc. (NASDAQ:KNTK)’s share price hit a new 52-week high on Monday . The company traded as high as $41.90 and last traded at $41.48, with a volume of 55592 shares changing hands. The stock had previously closed at $41.44.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on KNTK shares. JPMorgan Chase & Co. lifted their target price on Kinetik from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Scotiabank lifted their target price on Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a report on Tuesday. Mizuho lifted their target price on Kinetik from $39.00 to $42.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Barclays started coverage on Kinetik in a report on Monday, April 22nd. They issued an “equal weight” rating and a $40.00 target price on the stock. Finally, Royal Bank of Canada started coverage on Kinetik in a research note on Monday, March 25th. They set an “outperform” rating and a $40.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Kinetik has a consensus rating of “Moderate Buy” and a consensus price target of $41.10.

Kinetik Price Performance

The company has a fifty day moving average of $40.02 and a two-hundred day moving average of $36.87. The stock has a market capitalization of $6.61 billion, a P/E ratio of 16.98, a price-to-earnings-growth ratio of 2.56 and a beta of 2.96.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.32). The business had revenue of $341.39 million for the quarter, compared to analyst estimates of $277.52 million. Kinetik had a negative return on equity of 48.03% and a net margin of 29.62%. The business’s quarterly revenue was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.06) earnings per share. As a group, equities research analysts predict that Kinetik Holdings Inc. will post 1.15 EPS for the current fiscal year.

Kinetik Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Monday, April 29th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, April 26th. This represents a $3.00 annualized dividend and a dividend yield of 6.98%. Kinetik’s dividend payout ratio is presently 122.95%.

Hedge Funds Weigh In On Kinetik

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Virtu Financial LLC lifted its position in Kinetik by 150.8% in the first quarter. Virtu Financial LLC now owns 16,721 shares of the company’s stock worth $667,000 after purchasing an additional 10,055 shares during the period. Yaupon Capital Management LP acquired a new stake in Kinetik in the first quarter worth approximately $30,867,000. Castleark Management LLC acquired a new stake in Kinetik in the first quarter worth approximately $689,000. California State Teachers Retirement System lifted its position in Kinetik by 38.0% in the first quarter. California State Teachers Retirement System now owns 35,742 shares of the company’s stock worth $1,425,000 after purchasing an additional 9,846 shares during the period. Finally, Janus Henderson Group PLC lifted its position in Kinetik by 257.1% in the first quarter. Janus Henderson Group PLC now owns 26,642 shares of the company’s stock worth $1,062,000 after purchasing an additional 19,181 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

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.