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

Kinetik Holdings Inc. (NASDAQ:KNTK)’s share price reached a new 52-week high 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.

A number of other equities analysts also recently issued reports on the company. Barclays increased their price target on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday. Scotiabank raised their target price on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 2nd. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $43.86.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Beach Investment Counsel Inc. PA purchased a new position in Kinetik in the second quarter worth $27,000. Ameritas Investment Partners Inc. boosted its stake in Kinetik by 112.8% in the 1st quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock worth $145,000 after purchasing an additional 1,926 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in Kinetik by 270.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock valued at $159,000 after purchasing an additional 2,803 shares in the last quarter. CWM LLC raised its holdings in shares of Kinetik by 2,030.9% in the third quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after buying an additional 3,615 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of Kinetik during the second quarter worth $187,000. Institutional investors own 21.11% of the company’s stock.

Kinetik Trading Up 1.4 %

The stock has a market capitalization of $7.65 billion, a price-to-earnings ratio of 20.44, a P/E/G ratio of 2.60 and a beta of 2.91. The firm has a 50-day moving average of $44.86 and a 200-day moving average of $42.02.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.11. The business had revenue of $359.50 million during 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 company’s revenue was up 21.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 earnings per share. On average, equities research analysts anticipate that Kinetik Holdings Inc. will post 1.39 EPS for the current year.

Kinetik Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 7th. Investors of record on Monday, July 29th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 6.03%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik’s payout ratio is presently 122.95%.

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.