Kinetik (NASDAQ:KNTK) Sets New 52-Week High After Analyst Upgrade

Kinetik Holdings Inc. (NASDAQ:KNTK) hit a new 52-week high during mid-day trading on Wednesday after Royal Bank of Canada raised their price target on the stock from $46.00 to $52.00. Royal Bank of Canada currently has an outperform rating on the stock. Kinetik traded as high as $50.21 and last traded at $50.10, with a volume of 81227 shares trading hands. The stock had previously closed at $49.07.

Several other equities analysts have also commented on the company. Scotiabank upped their target price on Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a report on Tuesday, July 2nd. Barclays increased their price objective on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Kinetik has an average rating of “Moderate Buy” and an average target price of $43.86.

Hedge Funds Weigh In On Kinetik

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blackstone Inc. boosted its stake in Kinetik by 13.8% during the 1st quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock valued at $474,977,000 after purchasing an additional 1,442,653 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Kinetik by 52.0% in the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock valued at $132,158,000 after purchasing an additional 1,134,570 shares in the last quarter. Westwood Holdings Group Inc. lifted its holdings in shares of Kinetik by 148.3% in the first quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock valued at $93,636,000 after purchasing an additional 1,402,751 shares in the last quarter. Kayne Anderson Capital Advisors LP lifted its holdings in shares of Kinetik by 1,992.8% in the first 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, Yaupon Capital Management LP purchased a new stake in shares of Kinetik during the first quarter worth $30,867,000. 21.11% of the stock is owned by institutional investors.

Kinetik Price Performance

The company has a fifty day moving average of $45.05 and a 200-day moving average of $42.08. The firm has a market capitalization of $7.65 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 2.60 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last posted 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 firm had revenue of $359.50 million for the quarter, compared to the consensus estimate of $305.94 million. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The business’s quarterly revenue was up 21.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.41 earnings per share. Equities analysts anticipate that Kinetik Holdings Inc. will post 1.39 EPS for the current year.

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.