Kinetik (NASDAQ:KNTK) Reaches New 1-Year High – Here’s What Happened

Kinetik Holdings Inc. (NASDAQ:KNTK) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $65.89 and last traded at $65.04, with a volume of 24833 shares trading hands. The stock had previously closed at $65.17.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 15th. Barclays upped their price target on shares of Kinetik from $47.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. Citigroup lifted their price objective on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. The Goldman Sachs Group raised their price target on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, Wells Fargo & Company lifted their price target on Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.25.

Kinetik Stock Down 1.9 %

The company has a market cap of $10.28 billion, a price-to-earnings ratio of 24.53, a PEG ratio of 1.84 and a beta of 2.91. The business has a 50-day simple moving average of $58.97 and a two-hundred day simple moving average of $50.38.

Kinetik (NASDAQ:KNTK) last posted its earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.10). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. During the same quarter last year, the firm posted $0.21 earnings per share. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. As a group, equities analysts anticipate that Kinetik Holdings Inc. will post 1.35 earnings per share for the current year.

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 12th. Investors of record on Monday, February 3rd will be paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 4.78%. Kinetik’s payout ratio is presently 115.13%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of KNTK. Versor Investments LP bought a new position in shares of Kinetik in the third quarter worth about $543,000. Barclays PLC grew its holdings in Kinetik by 34.5% in the 3rd quarter. Barclays PLC now owns 234,286 shares of the company’s stock valued at $10,603,000 after buying an additional 60,058 shares during the last quarter. Principal Financial Group Inc. bought a new position in Kinetik in the 3rd quarter worth approximately $921,000. Eos Management L.P. lifted its holdings in shares of Kinetik by 84.9% during the third quarter. Eos Management L.P. now owns 27,000 shares of the company’s stock worth $1,222,000 after buying an additional 12,400 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Kinetik by 1.6% in the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock valued at $39,742,000 after acquiring an additional 13,644 shares during the period. 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.