Kinetik (NYSE:KNTK) Reaches New 1-Year High – Still a Buy?

Kinetik Holdings Inc. (NYSE:KNTK) hit a new 52-week high on Tuesday . The company traded as high as $51.74 and last traded at $51.26, with a volume of 30198 shares trading hands. The stock had previously closed at $51.11.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. US Capital Advisors raised Kinetik from a “moderate buy” rating to a “strong-buy” rating in a research report on Friday, May 29th. Royal Bank Of Canada reissued an “outperform” rating and set a $56.00 price target on shares of Kinetik in a research report on Tuesday. Scotiabank restated an “outperform” rating and issued a $52.00 price target (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Wall Street Zen cut shares of Kinetik from a “sell” rating to a “strong sell” rating in a report on Sunday, May 17th. Finally, Tudor Pickering initiated coverage on shares of Kinetik in a research note on Monday. They set a “buy” rating and a $57.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.50.

Kinetik Stock Performance

The firm has a market cap of $8.23 billion, a P/E ratio of 20.68, a P/E/G ratio of 2.60 and a beta of 0.56. The firm has a fifty day moving average of $48.17 and a 200-day moving average of $45.35.

Kinetik (NYSE:KNTK) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). The company had revenue of $409.98 million for the quarter. Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.Kinetik’s revenue was down 7.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.05 EPS. Equities research analysts expect that Kinetik Holdings Inc. will post 0.62 earnings per share for the current year.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the business’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $50.52, for a total transaction of $27,006,173.28. Following the sale, the insider directly owned 428,894 shares of the company’s stock, valued at $21,667,724.88. The trade was a 55.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 1,071,107 shares of company stock valued at $53,172,463. Insiders own 3.56% of the company’s stock.

Hedge Funds Weigh In On Kinetik

A number of institutional investors have recently bought and sold shares of KNTK. CWM LLC lifted its stake in Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after buying an additional 352 shares in the last quarter. Signaturefd LLC grew its position in Kinetik by 101.5% during the 4th quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after purchasing an additional 404 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in Kinetik during the 4th quarter worth approximately $33,000. Los Angeles Capital Management LLC acquired a new stake in Kinetik during the 4th quarter valued at $40,000. Finally, Huntington National Bank raised its stake in Kinetik by 139.1% during the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock valued at $44,000 after purchasing an additional 711 shares during the period. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Company Profile

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.