Kinetik (NASDAQ:KNTK) Reaches New 52-Week High – Still a Buy?

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

Analyst Upgrades and Downgrades

KNTK has been the subject of a number of research analyst reports. Royal Bank of Canada boosted their price target on Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Scotiabank increased their target price 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 reiterated an “equal weight” rating and set a $43.00 price objective on shares of Kinetik in a research report on Wednesday, July 10th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Kinetik has a consensus rating of “Moderate Buy” and a consensus price target of $42.43.

Kinetik Price Performance

The firm has a market capitalization of $7.49 billion, a P/E ratio of 20.03, a PEG ratio of 2.52 and a beta of 2.91. The company has a fifty day moving average of $43.99 and a 200 day moving average of $41.67.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.11. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The company had revenue of $359.50 million for the quarter, compared to analyst estimates of $305.94 million. During the same period in the prior year, the firm posted $0.41 EPS. The company’s quarterly revenue was up 21.4% on a year-over-year basis. On average, sell-side analysts forecast that Kinetik Holdings Inc. will post 1.39 EPS for the current year.

Kinetik Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.16%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik’s dividend payout ratio is 122.95%.

Institutional Investors Weigh In On Kinetik

Several large investors have recently added to or reduced their stakes in KNTK. Beach Investment Counsel Inc. PA bought a new position in shares of Kinetik during the 2nd quarter worth approximately $27,000. Ameritas Investment Partners Inc. boosted its stake in Kinetik by 112.8% during the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock worth $145,000 after acquiring an additional 1,926 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in Kinetik by 270.0% in the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock worth $159,000 after purchasing an additional 2,803 shares during the period. CWM LLC increased its stake in Kinetik by 2,030.9% in the third quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after purchasing an additional 3,615 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new position in shares of Kinetik during the second quarter valued at about $187,000. Institutional investors and hedge funds 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.