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

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) reached a new 52-week high 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. The stock had previously closed at $61.92.

Several other research firms have also recently weighed in on KNTK. Wells Fargo & Company raised their price target on Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Scotiabank began coverage on Kinetik in a report on Friday, January 10th. They set a “sector outperform” rating and a $64.00 price objective on the stock. Royal Bank of Canada raised their price objective on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Citigroup raised their price objective on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, Barclays raised their price objective on Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $59.50.

Institutional Investors Weigh In On Kinetik

Several hedge funds have recently made changes to their positions in KNTK. HITE Hedge Asset Management LLC bought a new stake in shares of Kinetik during the second quarter valued at approximately $13,550,000. Renaissance Technologies LLC raised its stake in shares of Kinetik by 88.3% in the second quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock worth $26,271,000 after purchasing an additional 297,200 shares during the last quarter. Merewether Investment Management LP raised its stake 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 worth $29,976,000 after purchasing an additional 239,500 shares during the last quarter. Gilman Hill Asset Management LLC raised its stake in shares of Kinetik by 551.6% in the third quarter. Gilman Hill Asset Management LLC now owns 244,524 shares of the company’s stock worth $11,067,000 after purchasing an additional 206,999 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in shares of Kinetik by 196.0% in the second quarter. Marshall Wace LLP now owns 302,892 shares of the company’s stock worth $12,552,000 after purchasing an additional 200,572 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors.

Kinetik Price Performance

The company has a 50 day moving average price of $57.91 and a two-hundred day moving average price of $49.49. The stock has a market cap of $9.80 billion, a PE ratio of 22.96, a PEG ratio of 2.85 and a beta of 2.91.

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

Kinetik Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 5.02%. The ex-dividend date of this dividend was Monday, October 28th. This is a boost from Kinetik’s previous quarterly dividend of $0.75. Kinetik’s dividend payout ratio is 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.