Kinetik (NASDAQ:KNTK) Reaches New 52-Week High After Analyst Upgrade

Kinetik Holdings Inc. (NASDAQ:KNTK - Get Free Report)'s share price hit a new 52-week high during mid-day trading 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 traded. The stock had previously closed at $61.92.

Other equities analysts have also issued research reports about the stock. The Goldman Sachs Group boosted their price objective on shares of Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Royal Bank of Canada boosted their price target on Kinetik from $46.00 to $52.00 and gave the company an "outperform" rating in a report on Wednesday, October 16th. Barclays raised their price objective on Kinetik from $47.00 to $61.00 and gave the stock an "equal weight" rating in a report on Monday. Citigroup upped their target price on Kinetik from $54.00 to $58.00 and gave the company a "neutral" rating in a research note on Monday, December 16th. Finally, Scotiabank assumed coverage on Kinetik in a research note on Friday, January 10th. They issued a "sector outperform" rating and a $64.00 price target on the stock. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $59.50.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. HITE Hedge Asset Management LLC acquired a new stake in Kinetik during the second quarter worth about $13,550,000. Renaissance Technologies LLC grew its holdings in shares of Kinetik by 88.3% during the 2nd 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 period. Merewether Investment Management LP increased its position in Kinetik by 56.6% during the 3rd 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 in the last quarter. Gilman Hill Asset Management LLC raised its holdings in Kinetik by 551.6% in the third quarter. Gilman Hill Asset Management LLC now owns 244,524 shares of the company's stock valued at $11,067,000 after buying an additional 206,999 shares during the period. Finally, Marshall Wace LLP lifted its position in Kinetik by 196.0% during the second quarter. Marshall Wace LLP now owns 302,892 shares of the company's stock valued at $12,552,000 after buying an additional 200,572 shares in the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Kinetik Stock Up 0.6 %

The company has a market capitalization of $9.81 billion, a PE ratio of 22.99, a P/E/G ratio of 2.85 and a beta of 2.91. The firm's 50 day simple moving average is $57.91 and its 200-day simple moving average is $49.49.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 earnings per share (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 company's revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.21 EPS. As a group, sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.35 EPS for the current fiscal year.

Kinetik Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were issued a $0.78 dividend. The ex-dividend date of this dividend was Monday, October 28th. This represents a $3.12 dividend on an annualized basis and a yield of 5.01%. This is a positive change from Kinetik's previous quarterly dividend of $0.75. Kinetik's payout ratio is currently 115.13%.

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.