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

Shares of Kinetik Holdings Inc. (NYSE:KNTK) reached a new 52-week high during trading on Wednesday. The company traded as high as $57.71 and last traded at $56.85, with a volume of 526,916 shares traded. The stock had previously closed at $55.75.

Wall Street Analyst Weigh In

KNTK has been the topic of several research analyst reports. Zacks Research raised shares of Kinetik from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, September 23rd. Citigroup restated a “buy” rating and set a $55.00 price objective (up from $52.00) on shares of Kinetik in a research report on Tuesday, August 11th. Raymond James Financial restated an “outperform” rating and set a $57.00 price objective on shares of Kinetik in a report on Tuesday, October 20th. Barclays upped their target price on Kinetik from $51.00 to $56.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 13th. Finally, Clear Str lowered Kinetik from a “strong-buy” rating to a “hold” rating in a report on Monday, August 17th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $55.47.

Kinetik Price Performance

The firm has a market capitalization of $9.47 billion, a P/E ratio of 21.13, a PEG ratio of 1.26 and a beta of 0.61. The company has a fifty day moving average of $54.11 and a 200 day moving average of $48.52.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.45. The business had revenue of $581.44 million for the quarter, compared to analysts’ expectations of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business’s quarterly revenue was up 36.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.33 earnings per share. On average, sell-side analysts forecast that Kinetik Holdings Inc. will post 1.44 EPS for the current year.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 2,000,000 shares of the firm’s stock in a transaction on Tuesday, October 13th. The shares were sold at an average price of $54.77, for a total value of $109,540,000.00. Following the completion of the sale, the insider directly owned 1 shares in the company, valued at approximately $54.77. This trade represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 3,931,632 shares of company stock worth $211,967,059 over the last 90 days. 3.56% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Kinetik

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP increased its holdings in Kinetik by 72.4% during the second quarter. Allworth Financial LP now owns 569 shares of the company’s stock worth $28,000 after buying an additional 239 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Kinetik by 10.5% during the 2nd quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock valued at $139,000 after purchasing an additional 273 shares in the last quarter. Royal Fund Management LLC raised its stake in Kinetik by 1.3% in the third quarter. Royal Fund Management LLC now owns 21,876 shares of the company’s stock valued at $1,098,000 after purchasing an additional 289 shares in the last quarter. ProShare Advisors LLC raised its position in Kinetik by 4.0% during the third quarter. ProShare Advisors LLC now owns 7,676 shares of the company’s stock valued at $385,000 after purchasing an additional 295 shares in the last quarter. Finally, Signaturefd LLC raised its stake in shares of Kinetik by 21.3% during the third quarter. Signaturefd LLC now owns 1,714 shares of the company’s stock worth $86,000 after acquiring an additional 301 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Company Profile

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company’s assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.