Kinetik (NASDAQ:KNTK) Reaches New 12-Month High Following Analyst Upgrade

Kinetik Holdings Inc. (NASDAQ:KNTK)’s share price reached a new 52-week high during trading on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $63.00 to $65.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Kinetik traded as high as $63.34 and last traded at $62.66, with a volume of 18946 shares changing hands. The stock had previously closed at $61.92.

Several other research firms have also issued reports on KNTK. Mizuho boosted their price target on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Citigroup boosted their price target on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Royal Bank of Canada boosted their price target on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. The Goldman Sachs Group boosted their price target on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, Wells Fargo & Company upped their price objective on Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Kinetik currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.50.

Institutional Investors Weigh In On Kinetik

A number of hedge funds have recently made changes to their positions in KNTK. GAMMA Investing LLC raised its position in Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after purchasing an additional 213 shares during the period. Ashton Thomas Securities LLC purchased a new stake in Kinetik during the third quarter valued at approximately $46,000. Blue Trust Inc. raised its position in Kinetik by 244.9% during the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after purchasing an additional 2,699 shares during the period. CWM LLC raised its position in Kinetik by 2,030.9% during the third quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after purchasing an additional 3,615 shares during the period. Finally, Point72 DIFC Ltd purchased a new stake in shares of Kinetik in the second quarter worth approximately $187,000. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Kinetik Trading Up 0.5 %

The stock has a market capitalization of $9.80 billion, a P/E ratio of 22.96, a price-to-earnings-growth ratio of 2.85 and a beta of 2.91. The stock has a 50 day moving average of $57.91 and a 200-day moving average of $49.49.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The business had revenue of $396.40 million for the quarter, compared to the consensus estimate of $331.21 million. During the same period in the prior year, the business posted $0.21 earnings per share. Kinetik’s revenue was up 20.0% on a year-over-year basis. Research analysts anticipate that Kinetik Holdings Inc. will post 1.35 EPS for the current year.

Kinetik Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were paid a dividend of $0.78 per share. This is a positive change from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date of this dividend was Monday, October 28th. Kinetik’s dividend payout ratio (DPR) is currently 115.13%.

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.