Kinetik (NASDAQ:KNTK) Sets New 12-Month High After Analyst Upgrade

Kinetik Holdings Inc. (NASDAQ:KNTK - Get Free Report) shares reached a new 52-week high on Friday after Scotiabank raised their price target on the stock from $38.00 to $42.00. Scotiabank currently has a sector outperform rating on the stock. Kinetik traded as high as $40.44 and last traded at $40.20, with a volume of 448377 shares. The stock had previously closed at $38.96.

Several other analysts have also weighed in on KNTK. Mizuho raised their price objective on shares of Kinetik from $39.00 to $42.00 and gave the stock a "buy" rating in a report on Tuesday, April 23rd. JPMorgan Chase & Co. boosted their price objective on Kinetik from $40.00 to $43.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 17th. Barclays assumed coverage on Kinetik in a research note on Monday, April 22nd. They issued an "equal weight" rating and a $40.00 target price for the company. Finally, Royal Bank of Canada began coverage on shares of Kinetik in a research report on Monday, March 25th. They set an "outperform" rating and a $40.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $40.30.

Insider Transactions at Kinetik

In other news, insider Anne Psencik sold 3,182 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $35.57, for a total transaction of $113,183.74. Following the completion of the transaction, the insider now directly owns 247,128 shares in the company, valued at approximately $8,790,342.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Anne Psencik sold 3,182 shares of the business's stock in a transaction on Monday, March 11th. The shares were sold at an average price of $35.57, for a total transaction of $113,183.74. Following the transaction, the insider now directly owns 247,128 shares in the company, valued at $8,790,342.96. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Matthew Wall sold 5,750 shares of the stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $39.82, for a total transaction of $228,965.00. Following the completion of the sale, the insider now owns 530,066 shares of the company's stock, valued at approximately $21,107,228.12. The disclosure for this sale can be found here. Insiders have sold a total of 13,095,803 shares of company stock valued at $442,051,135 over the last 90 days. 3.71% of the stock is owned by corporate insiders.

Institutional Trading of Kinetik

A number of hedge funds have recently modified their holdings of the stock. Virtu Financial LLC acquired a new stake in shares of Kinetik during the fourth quarter worth $223,000. Principal Financial Group Inc. bought a new position in Kinetik in the 3rd quarter valued at about $232,000. Arizona State Retirement System acquired a new position in shares of Kinetik in the 4th quarter valued at approximately $240,000. SG Americas Securities LLC acquired a new stake in shares of Kinetik in the 3rd quarter valued at $245,000. Finally, Graham Capital Management L.P. bought a new position in Kinetik in the third quarter valued at about $252,000. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Price Performance

The company has a market capitalization of $6.12 billion, a price-to-earnings ratio of 17.63, a P/E/G ratio of 2.00 and a beta of 2.81. The firm's fifty day moving average price is $38.09 and its 200-day moving average price is $35.51.

Kinetik (NASDAQ:KNTK - Get Free Report) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.32). Kinetik had a net margin of 28.57% and a negative return on equity of 49.32%. The firm had revenue of $341.39 million during the quarter, compared to analyst estimates of $277.52 million. During the same period in the prior year, the company earned ($0.06) EPS. The business's quarterly revenue was up 21.5% compared to the same quarter last year. On average, research analysts predict that Kinetik Holdings Inc. will post 2.32 earnings per share for the current year.

Kinetik Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Monday, April 29th were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, April 26th. This represents a $3.00 annualized dividend and a dividend yield of 7.53%. Kinetik's payout ratio is 132.74%.

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.

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