Kinetik (NASDAQ:KNTK) Reaches New 1-Year High After Analyst Upgrade

Kinetik Holdings Inc. (NASDAQ:KNTK) reached a new 52-week high on Thursday after Mizuho raised their price target on the stock from $47.00 to $55.00. Mizuho currently has an outperform rating on the stock. Kinetik traded as high as $51.31 and last traded at $51.14, with a volume of 28659 shares traded. The stock had previously closed at $50.71.

Several other research analysts have also weighed in on the company. Barclays upped their target price on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Royal Bank of Canada increased their price objective on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Scotiabank lifted their target price on shares of Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research note on Tuesday, July 2nd. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Kinetik has an average rating of “Moderate Buy” and an average price target of $45.71.

Institutional Investors Weigh In On Kinetik

A number of large investors have recently added to or reduced their stakes in the stock. Blackstone Inc. lifted its stake in shares of Kinetik by 13.8% in the first quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock worth $474,977,000 after buying an additional 1,442,653 shares during the last quarter. Westwood Holdings Group Inc. lifted its position in Kinetik by 148.3% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock worth $93,636,000 after acquiring an additional 1,402,751 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Kinetik by 52.0% during the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock valued at $132,158,000 after acquiring an additional 1,134,570 shares during the period. Kayne Anderson Capital Advisors LP grew its position in shares of Kinetik by 1,992.8% in the first quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company’s stock valued at $46,448,000 after purchasing an additional 1,109,308 shares during the last quarter. Finally, Yaupon Capital Management LP bought a new position in shares of Kinetik in the first quarter worth about $30,867,000. Institutional investors own 21.11% of the company’s stock.

Kinetik Trading Down 3.8 %

The firm has a 50-day moving average of $46.26 and a two-hundred day moving average of $42.59. The firm has a market cap of $7.82 billion, a price-to-earnings ratio of 19.32, a PEG ratio of 2.38 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.43 by $0.11. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The company had revenue of $359.50 million for the quarter, compared to the consensus estimate of $305.94 million. During the same period in the previous year, the business posted $0.41 EPS. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. As a group, equities analysts anticipate that Kinetik Holdings Inc. will post 1.44 EPS for the current year.

Kinetik Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 7th. Investors of record on Monday, October 28th will be paid a dividend of $0.78 per share. This is a boost from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 annualized dividend and a yield of 6.29%. The ex-dividend date of this dividend is Monday, October 28th. Kinetik’s dividend payout ratio is presently 116.73%.

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.