Kinetik (NASDAQ:KNTK) Sets New 52-Week High – Still a Buy?

20 Nov 2024, 09:33 by Amy Steele · The Cerbat Gem

Kinetik Holdings Inc. (NASDAQ:KNTK – Get Free Report)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $58.88 and last traded at $58.88, with a volume of 45498 shares changing hands. The stock had previously closed at $57.69.

Wall Street Analyst Weigh In

KNTK has been the topic of a number of research analyst reports. Royal Bank of Canada raised their price target on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Barclays upped 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. Finally, Mizuho boosted their price target on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $45.71.

View Our Latest Research Report on Kinetik

Kinetik Stock Performance

The firm has a fifty day simple moving average of $49.69 and a 200-day simple moving average of $44.43. The company has a market capitalization of $9.47 billion, a PE ratio of 22.19, a P/E/G ratio of 2.68 and a beta of 2.91.

Kinetik (NASDAQ:KNTK – Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company’s revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.21 earnings per share. As a group, research analysts anticipate that Kinetik Holdings Inc. will post 1.46 EPS for the current fiscal year.

Kinetik Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.19%. This is an increase from Kinetik’s previous quarterly dividend of $0.75. The ex-dividend date was Monday, October 28th. Kinetik’s payout ratio is 115.13%.

Institutional Investors Weigh In On Kinetik

A number of institutional investors have recently modified their holdings of the business. Blackstone Inc. grew its position in shares of Kinetik by 13.8% during the first quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock worth $474,977,000 after acquiring an additional 1,442,653 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Kinetik by 52.0% in the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock valued at $132,158,000 after purchasing an additional 1,134,570 shares during the period. Westwood Holdings Group Inc. raised its holdings in shares of 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 buying an additional 1,402,751 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Kinetik by 1.6% during the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock worth $39,742,000 after buying an additional 13,644 shares during the period. Finally, Yaupon Capital Management LP acquired a new position in shares of Kinetik during the first quarter worth approximately $30,867,000. Institutional investors own 21.11% of the company’s stock.

Kinetik Company Profile

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