Kinetik (NYSE:KNTK) Hits New 1-Year High – Time to Buy?

Shares of Kinetik Holdings Inc. (NYSE:KNTK) hit a new 52-week high on Thursday . The stock traded as high as $56.92 and last traded at $54.42, with a volume of 244392 shares. The stock had previously closed at $54.55.

Analysts Set New Price Targets

KNTK has been the subject of several research analyst reports. Raymond James Financial reaffirmed an “outperform” rating and set a $55.00 price target on shares of Kinetik in a research report on Friday, August 7th. Truist Financial upped their price objective on Kinetik from $53.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Weiss Ratings raised Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. lifted their target price on Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $57.00 price target (up from $56.00) on shares of Kinetik in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $53.60.

Kinetik Trading Down 0.3%

The stock has a market capitalization of $8.84 billion, a price-to-earnings ratio of 19.71, a price-to-earnings-growth ratio of 1.36 and a beta of 0.57. The firm has a 50-day moving average of $51.55 and a 200 day moving average of $48.73.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business had revenue of $581.44 million during the quarter, compared to analyst estimates of $421.48 million. During the same period last year, the business earned $0.33 EPS. The business’s revenue was up 36.3% on a year-over-year basis. As a group, research analysts forecast that Kinetik Holdings Inc. will post 1.3 EPS for the current year.

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 45,428 shares of the business’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $55.06, for a total value of $2,501,265.68. Following the transaction, the insider owned 797,136 shares in the company, valued at approximately $43,890,308.16. The trade was a 5.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Deborah Byers sold 2,739 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $51.51, for a total value of $141,085.89. Following the completion of the transaction, the director directly owned 24,389 shares of the company’s stock, valued at $1,256,277.39. This represents a 10.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 1,134,497 shares of company stock worth $59,265,751. Corporate insiders own 3.56% of the company’s stock.

Hedge Funds Weigh In On Kinetik

A number of institutional investors have recently made changes to their positions in the business. Comerica Bank grew its position in shares of Kinetik by 91.5% during the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after buying an additional 732 shares in the last quarter. AQR Capital Management LLC raised its holdings in Kinetik by 4.2% in the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock valued at $670,000 after acquiring an additional 522 shares in the last quarter. Millennium Management LLC raised its holdings in Kinetik by 88.7% in the first quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock valued at $6,884,000 after acquiring an additional 62,306 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Kinetik by 27.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock valued at $4,131,000 after acquiring an additional 17,034 shares during the last quarter. Finally, Intech Investment Management LLC grew its holdings in Kinetik by 14.3% during the 1st quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock worth $1,149,000 after acquiring an additional 2,766 shares in the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

About Kinetik

Kinetik (NYSE: KNTK) is a publicly listed midstream energy company focused on the development, operation and management of natural gas infrastructure across the United States. The company’s core business activities include the gathering, compression, processing, storage and transportation of natural gas, serving producers, utilities and industrial consumers. By integrating a suite of midstream services under a single platform, Kinetik aims to provide efficient, cost-effective and reliable solutions across the natural gas value chain.

The company was established in 2021 when assets were acquired from Talen Energy by a subsidiary of ArcLight Capital Partners, forming a comprehensive portfolio of pipelines, compression facilities and underground storage assets.