Kinetik (NASDAQ:KNTK) Reaches New 1-Year High at $45.74

Kinetik Holdings Inc. (NASDAQ:KNTK) reached a new 52-week high on Monday . The company traded as high as $45.74 and last traded at $45.59, with a volume of 110196 shares. The stock had previously closed at $44.66.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Royal Bank of Canada increased 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 raised 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. Finally, Barclays restated an “equal weight” rating and set a $43.00 target price on shares of Kinetik in a report on Wednesday, July 10th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.00.

Kinetik Trading Down 0.2 %

The firm has a 50 day moving average price of $42.88 and a 200-day moving average price of $40.57. The firm has a market cap of $7.04 billion, a PE ratio of 18.84, a PEG ratio of 2.31 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 (EPS) for the quarter, beating 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%. The business’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 EPS. Equities analysts forecast that Kinetik Holdings Inc. will post 1.39 earnings per share for the current fiscal year.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 6.55%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik’s dividend payout ratio (DPR) is presently 122.95%.

Institutional Investors Weigh In On Kinetik

Hedge funds and other institutional investors have recently made changes to their positions in the business. Beach Investment Counsel Inc. PA acquired a new stake in shares of Kinetik during the 2nd quarter worth about $27,000. Ameritas Investment Partners Inc. increased its position 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 buying an additional 1,926 shares during the period. Harbor Capital Advisors Inc. increased its position in Kinetik by 270.0% during the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock worth $159,000 after buying an additional 2,803 shares during the period. Point72 DIFC Ltd acquired a new position in Kinetik during the second quarter worth approximately $187,000. Finally, EntryPoint Capital LLC increased its position in Kinetik by 109.8% during the first quarter. EntryPoint Capital LLC now owns 4,709 shares of the company’s stock worth $188,000 after buying an additional 2,464 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.