Kinetik (NYSE:KNTK) Sets New 12-Month High - What's Next?

Key Points

• Kinetik shares reached a new 52-week high of $56.92, while the stock’s average analyst rating remains “Moderate Buy” with a consensus price target of $53.60. Morgan Stanley raised its target to $70, and Truist increased its target to $59.
• Kinetik reported strong quarterly results, posting $0.64 in earnings per share versus the $0.19 consensus estimate and revenue of $581.44 million, up 36.3% year over year.
• Insiders sold 1.13 million shares worth approximately $59.3 million over the past 90 days, while hedge funds and other institutional investors own 21.11% of the company.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report)'s share price reached a new 52-week high during trading on Thursday . The company traded as high as $56.92 and last traded at $54.42, with a volume of 244392 shares changing hands. The stock had previously closed at $54.55.

Analysts Set New Price Targets

KNTK has been the topic of a number of recent analyst reports. Truist Financial upped their price target on shares of Kinetik from $53.00 to $59.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Raymond James Financial reiterated an "outperform" rating and issued a $55.00 price objective on shares of Kinetik in a research note on Friday, August 7th. Barclays set a $51.00 price objective on shares of Kinetik and gave the stock an "equal weight" rating in a report on Thursday, August 6th. Weiss Ratings upgraded shares of Kinetik from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $70.00 target price (up from $64.00) on shares of Kinetik in a report on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $53.60.

Kinetik Trading Down 0.3%

The firm has a 50 day moving average price of $51.55 and a 200-day moving average price of $48.73. The firm has a market cap of $8.84 billion, a price-to-earnings ratio of 19.71, a P/E/G ratio of 1.36 and a beta of 0.57.

Kinetik (NYSE:KNTK - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The firm had revenue of $581.44 million during the quarter, compared to the consensus estimate of $421.48 million. During the same period last year, the firm posted $0.33 EPS. The firm's revenue for the quarter was up 36.3% on a year-over-year basis. As a group, equities analysts expect that Kinetik Holdings Inc. will post 1.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Deborah L. Byers sold 2,739 shares of the company's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $51.51, for a total value of $141,085.89. Following the sale, the director directly owned 24,389 shares in the company, valued at $1,256,277.39. This represents a 10.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Isq Global Fund Ii Gp Llc sold 45,428 shares of Kinetik 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 sale, the insider owned 797,136 shares of the company's stock, valued at approximately $43,890,308.16. This represents a 5.39% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 1,134,497 shares of company stock worth $59,265,751. 3.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Kinetik

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Allworth Financial LP boosted its position 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 acquiring an additional 239 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Kinetik by 10.5% during the second quarter. GAMMA Investing LLC now owns 2,882 shares of the company's stock worth $139,000 after purchasing an additional 273 shares during the last quarter. ProShare Advisors LLC grew its position in shares of Kinetik by 3.5% in the fourth quarter. ProShare Advisors LLC now owns 8,633 shares of the company's stock valued at $311,000 after purchasing an additional 294 shares during the period. Maryland State Retirement & Pension System lifted its position in Kinetik by 5.4% during the fourth quarter. Maryland State Retirement & Pension System now owns 6,612 shares of the company's stock worth $238,000 after buying an additional 337 shares during the period. Finally, Federated Hermes Inc. boosted its stake in Kinetik by 0.4% in the 2nd quarter. Federated Hermes Inc. now owns 89,133 shares of the company's stock worth $3,926,000 after buying an additional 346 shares during the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

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.

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