Kinetik (NASDAQ:KNTK) Reaches New 52-Week High – Time to Buy?

Kinetik Holdings Inc. (NASDAQ:KNTK) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $65.89 and last traded at $65.04, with a volume of 24833 shares. The stock had previously closed at $65.17.

Wall Street Analyst Weigh In

Several analysts recently commented on KNTK shares. The Goldman Sachs Group raised their target price on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Wells Fargo & Company lifted their price objective on shares of Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Citigroup upped their price objective on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Royal Bank of Canada raised their target price on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Barclays upped their price target on shares of Kinetik from $47.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Kinetik presently has a consensus rating of “Moderate Buy” and an average price target of $59.25.

Kinetik Stock Down 1.9 %

The stock has a market capitalization of $10.28 billion, a P/E ratio of 24.53, a PEG ratio of 1.84 and a beta of 2.91. The firm’s 50-day simple moving average is $58.97 and its 200 day simple moving average is $50.38.

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

Kinetik Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd will be paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 4.78%. Kinetik’s dividend payout ratio is presently 115.13%.

Institutional Investors Weigh In On Kinetik

Institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC boosted its stake in Kinetik by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock worth $39,742,000 after purchasing an additional 13,644 shares during the period. Merewether Investment Management LP lifted its holdings in shares of Kinetik by 56.6% in the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock valued at $29,976,000 after purchasing an additional 239,500 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Kinetik by 70.3% in the second quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company’s stock worth $18,927,000 after buying an additional 188,533 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in shares of Kinetik by 10.5% during the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 440,000 shares of the company’s stock valued at $24,952,000 after buying an additional 41,864 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its position in Kinetik by 30.6% during the third quarter. Point72 Asset Management L.P. now owns 352,558 shares of the company’s stock valued at $15,957,000 after buying an additional 82,600 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

About Kinetik

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.