Kinetik (NASDAQ:KNTK) Hits New 12-Month High - Should You Buy?

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Get Free Report) reached a new 52-week high during trading on Wednesday . The stock traded as high as $48.83 and last traded at $48.83, with a volume of 59427 shares changing hands. The stock had previously closed at $48.13.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Scotiabank raised their target price on Kinetik from $42.00 to $48.00 and gave the company a "sector outperform" rating in a research report on Tuesday, July 2nd. Barclays reissued an "equal weight" rating and set a $43.00 price objective on shares of Kinetik in a research report on Wednesday, July 10th. Finally, Royal Bank of Canada boosted their price target on shares of Kinetik from $43.00 to $46.00 and gave the company an "outperform" rating in a research report on Thursday, August 15th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, Kinetik has a consensus rating of "Moderate Buy" and a consensus target price of $42.43.

Kinetik Trading Up 1.4 %

The company's fifty day moving average is $44.14 and its 200-day moving average is $41.72. The firm has a market capitalization of $7.50 billion, a P/E ratio of 20.00, a P/E/G ratio of 2.52 and a beta of 2.91.

Kinetik (NASDAQ:KNTK - Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.11. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The business had revenue of $359.50 million for the quarter, compared to analyst estimates of $305.94 million. During the same quarter in the prior year, the firm posted $0.41 earnings per share. The firm's revenue for the quarter was up 21.4% compared to the same quarter last year. On average, equities research analysts anticipate that Kinetik Holdings Inc. will post 1.39 EPS for the current year.

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 7th. Investors of record on Monday, July 29th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 6.15%. The ex-dividend date of this dividend was Monday, July 29th. Kinetik's dividend payout ratio (DPR) is presently 122.95%.

Hedge Funds Weigh In On Kinetik

Institutional investors have recently modified their holdings of the business. Blackstone Inc. boosted its holdings in shares of Kinetik by 13.8% during the 1st quarter. Blackstone Inc. now owns 11,913,154 shares of the company's stock worth $474,977,000 after buying an additional 1,442,653 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Kinetik by 52.0% during the 1st quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company's stock valued at $132,158,000 after buying an additional 1,134,570 shares in the last quarter. Westwood Holdings Group Inc. grew its stake in Kinetik by 148.3% during the first quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company's stock valued at $93,636,000 after acquiring an additional 1,402,751 shares in the last quarter. Kayne Anderson Capital Advisors LP raised its position in shares of Kinetik by 1,992.8% during the 1st quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company's stock valued at $46,448,000 after buying an additional 1,109,308 shares in the last quarter. Finally, Yaupon Capital Management LP bought a new stake in Kinetik in the first quarter worth $30,867,000. Institutional investors and hedge funds own 21.11% of the company's stock.

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.