Kinetik (NASDAQ:KNTK) Hits New 12-Month High on Analyst Upgrade

Kinetik Holdings Inc. (NASDAQ:KNTK - Get Free Report) shares reached a new 52-week high during mid-day trading on Thursday after Mizuho raised their price target on the stock from $47.00 to $55.00. Mizuho currently has an outperform rating on the stock. Kinetik traded as high as $51.31 and last traded at $51.14, with a volume of 28659 shares changing hands. The stock had previously closed at $50.71.

Several other brokerages have also weighed in on KNTK. Royal Bank of Canada lifted their price objective on Kinetik from $46.00 to $52.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. Scotiabank lifted their price objective on Kinetik from $42.00 to $48.00 and gave the stock a "sector outperform" rating in a report on Tuesday, July 2nd. Finally, Barclays lifted their price objective on Kinetik from $43.00 to $47.00 and gave the stock an "equal weight" rating in a report on Monday, October 14th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $45.71.

Institutional Trading of Kinetik

Institutional investors have recently bought and sold shares of the stock. Beach Investment Counsel Inc. PA acquired a new stake in Kinetik in the 2nd quarter valued at $27,000. Ameritas Investment Partners Inc. boosted its stake in Kinetik by 112.8% in the 1st quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company's stock valued at $145,000 after buying an additional 1,926 shares in the last quarter. Blue Trust Inc. raised its position in Kinetik by 244.9% in the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company's stock valued at $158,000 after purchasing an additional 2,699 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in Kinetik by 270.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company's stock valued at $159,000 after purchasing an additional 2,803 shares during the last quarter. Finally, CWM LLC raised its position 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 last quarter. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Stock Performance

The company has a 50-day simple moving average of $46.14 and a 200-day simple moving average of $42.52. The stock has a market cap of $7.93 billion, a P/E ratio of 21.14, a P/E/G ratio of 2.60 and a beta of 2.91.

Kinetik (NASDAQ:KNTK - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $359.50 million during the quarter, compared to the consensus estimate of $305.94 million. During the same quarter in the previous year, the company posted $0.41 EPS. The business's revenue for the quarter was up 21.4% compared to the same quarter last year. As a group, sell-side analysts expect that Kinetik Holdings Inc. will post 1.39 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 7th. Shareholders of record on Monday, October 28th will be given a $0.78 dividend. This is an increase from Kinetik's previous quarterly dividend of $0.75. The ex-dividend date is Monday, October 28th. This represents a $3.12 annualized dividend and a yield of 6.05%. Kinetik's payout ratio is presently 127.87%.

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.