Kinetik (NYSE:KNTK) Sets New 1-Year High – Here’s Why

Kinetik Holdings Inc. (NYSE:KNTK)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $52.57 and last traded at $52.32, with a volume of 289105 shares traded. The stock had previously closed at $51.27.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Tudor Pickering started coverage on Kinetik in a research report on Monday, July 20th. They set a “buy” rating and a $57.00 price target on the stock. Jefferies Financial Group reiterated a “hold” rating and issued a $51.00 price objective on shares of Kinetik in a report on Friday, May 8th. Wells Fargo & Company reiterated an “overweight” rating and set a $54.00 price objective on shares of Kinetik in a research report on Monday. JPMorgan Chase & Co. raised their price objective on Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Finally, Morgan Stanley set a $64.00 target price on Kinetik and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Kinetik presently has an average rating of “Moderate Buy” and a consensus price target of $52.27.

Kinetik Trading Up 1.4%

The firm has a fifty day moving average of $48.43 and a two-hundred day moving average of $46.73. The company has a market capitalization of $8.44 billion, a PE ratio of 18.84, a PEG ratio of 1.94 and a beta of 0.56.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.45. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The business had revenue of $581.44 million for the quarter, compared to analysts’ expectations of $421.48 million. During the same period in the previous year, the firm earned $0.33 EPS. The business’s quarterly revenue was up 36.3% on a year-over-year basis. On average, equities analysts expect that Kinetik Holdings Inc. will post 0.81 EPS for the current fiscal year.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $50.52, for a total transaction of $11,889,831.48. Following the completion of the sale, the insider directly owned 1,691,370 shares in the company, valued at $85,448,012.40. This represents a 12.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 264,074 shares of company stock valued at $13,332,540 over the last quarter. 3.56% of the stock is owned by insiders.

Hedge Funds Weigh In On Kinetik

A number of hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new stake in shares of Kinetik during the second quarter worth about $17,364,000. GAMMA Investing LLC grew its position in shares of Kinetik by 10.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock worth $139,000 after buying an additional 273 shares during the last quarter. NewEdge Advisors LLC bought a new stake in shares of Kinetik in the 1st quarter worth approximately $1,981,000. Amundi increased its stake in shares of Kinetik by 48.7% during the first quarter. Amundi now owns 17,645 shares of the company’s stock valued at $854,000 after buying an additional 5,775 shares during the period. Finally, California State Teachers Retirement System raised its holdings in shares of Kinetik by 31.0% during the first quarter. California State Teachers Retirement System now owns 58,667 shares of the company’s stock valued at $2,840,000 after acquiring an additional 13,894 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

About Kinetik

Kinetik (NYSE: KNTK) is a publicly listed midstream energy company focused on the development, operation and management of natural gas infrastructure across the United States. The company’s core business activities include the gathering, compression, processing, storage and transportation of natural gas, serving producers, utilities and industrial consumers. By integrating a suite of midstream services under a single platform, Kinetik aims to provide efficient, cost-effective and reliable solutions across the natural gas value chain.

The company was established in 2021 when assets were acquired from Talen Energy by a subsidiary of ArcLight Capital Partners, forming a comprehensive portfolio of pipelines, compression facilities and underground storage assets.