Kinetik (NASDAQ:KNTK) Reaches New 52-Week High at $45.74

Kinetik Holdings Inc. (NASDAQ:KNTK) shares hit a new 52-week high on Monday . The stock 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

Several equities research analysts recently weighed in on the stock. Barclays reaffirmed an “equal weight” rating and set a $43.00 target price on shares of Kinetik in a research note on Wednesday, July 10th. Royal Bank of Canada upped their target price on shares of Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. Finally, Scotiabank upped their target price on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, July 2nd. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Kinetik currently has an average rating of “Moderate Buy” and a consensus price target of $42.00.

Kinetik Trading Up 2.1 %

The firm’s fifty day moving average price is $42.73 and its 200-day moving average price is $40.42. The firm has a market cap of $7.01 billion, a price-to-earnings ratio of 18.30, a PEG ratio of 2.31 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last issued its earnings results 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. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The business had revenue of $359.50 million during the quarter, compared to analysts’ expectations of $305.94 million. During the same quarter in the prior year, the business posted $0.41 EPS. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. On average, sell-side analysts expect that Kinetik Holdings Inc. will post 1.39 earnings per share for the current year.

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 7th. Investors of record on Monday, July 29th were given a $0.75 dividend. The ex-dividend date of this dividend was Monday, July 29th. This represents a $3.00 annualized dividend and a yield of 6.58%. Kinetik’s dividend payout ratio (DPR) is 122.95%.

Institutional Trading of Kinetik

Several institutional investors and hedge funds have recently bought and sold shares of the business. Point72 Asset Management L.P. raised its position in Kinetik by 46.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 269,958 shares of the company’s stock valued at $11,187,000 after purchasing an additional 85,748 shares during the last quarter. Creative Planning raised its position in Kinetik by 83.1% in the 2nd quarter. Creative Planning now owns 15,340 shares of the company’s stock valued at $636,000 after purchasing an additional 6,961 shares during the last quarter. Susquehanna Fundamental Investments LLC raised its position in Kinetik by 252.3% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 66,694 shares of the company’s stock worth $2,764,000 after buying an additional 47,761 shares during the last quarter. Mackenzie Financial Corp raised its position in Kinetik by 60.1% during the 2nd quarter. Mackenzie Financial Corp now owns 73,918 shares of the company’s stock worth $3,063,000 after buying an additional 27,737 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Kinetik by 20.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 57,777 shares of the company’s stock worth $2,394,000 after acquiring an additional 9,860 shares during the period. Hedge funds and other 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.