Kinetik (NASDAQ:KNTK) Reaches New 1-Year High – Time to Buy?

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on KNTK shares. Citigroup increased their price objective on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Scotiabank assumed coverage on Kinetik in a report on Friday, January 10th. They issued a “sector outperform” rating and a $64.00 price target on the stock. Mizuho boosted their price objective on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Wells Fargo & Company raised their target price 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. Finally, JPMorgan Chase & Co. boosted their price target on shares of Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 15th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $59.50.

Kinetik Price Performance

The stock has a market capitalization of $10.28 billion, a P/E ratio of 24.07, a PEG ratio of 1.80 and a beta of 2.91. The stock’s 50-day simple moving average is $58.57 and its 200 day simple moving average is $50.10.

Kinetik (NASDAQ:KNTK) last announced its quarterly 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 company had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The firm’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the company posted $0.21 EPS. As a group, analysts expect that Kinetik Holdings Inc. will post 1.35 earnings per share for the current fiscal year.

Institutional Trading of Kinetik

Hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in shares of Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after buying an additional 213 shares in the last quarter. Ashton Thomas Securities LLC bought a new position in Kinetik during the third quarter worth about $46,000. Blue Trust Inc. raised its stake in Kinetik by 244.9% in the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after purchasing an additional 2,699 shares in the last quarter. CWM LLC boosted its holdings in Kinetik by 2,030.9% in the 3rd 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 acquired a new position in shares of Kinetik during the 2nd quarter worth approximately $187,000. 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.