Kinetik (NASDAQ:KNTK) Hits New 1-Year High at $47.43

Kinetik Holdings Inc. (NASDAQ:KNTK) shares reached a new 52-week high on Tuesday . The company traded as high as $47.43 and last traded at $47.43, with a volume of 1328 shares traded. The stock had previously closed at $47.28.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on KNTK. Barclays reissued an “equal weight” rating and set a $43.00 target price on shares of Kinetik in a report on Wednesday, July 10th. Scotiabank upped their price objective on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research note on Tuesday, July 2nd. Finally, Royal Bank of Canada upped their price objective on shares of Kinetik from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $42.00.

Kinetik Price Performance

The company’s fifty day simple moving average is $43.18 and its two-hundred day simple moving average is $40.89. The stock has a market cap of $7.31 billion, a price-to-earnings ratio of 19.38, a P/E/G ratio of 2.31 and a beta of 2.91.

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

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 7th. Stockholders of record on Monday, July 29th were paid a $0.75 dividend. The ex-dividend date of this dividend was Monday, July 29th. This represents a $3.00 annualized dividend and a dividend yield of 6.31%. Kinetik’s payout ratio is 122.95%.

Institutional Trading of Kinetik

Several institutional investors have recently made changes to their positions in KNTK. American Financial Group Inc. grew its position in Kinetik by 3.8% during the first quarter. American Financial Group Inc. now owns 13,500 shares of the company’s stock valued at $538,000 after buying an additional 500 shares during the period. Beach Investment Counsel Inc. PA bought a new position in Kinetik during the second quarter valued at about $27,000. Commonwealth Equity Services LLC grew its position in Kinetik by 3.8% during the first quarter. Commonwealth Equity Services LLC now owns 38,264 shares of the company’s stock valued at $1,526,000 after buying an additional 1,387 shares during the period. Ameritas Investment Partners Inc. grew 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 valued at $145,000 after buying an additional 1,926 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Kinetik by 45.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,884 shares of the company’s stock valued at $285,000 after buying an additional 2,158 shares during the period. Institutional investors 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.