Kinetik (NYSE:KNTK) Reaches New 52-Week High – Should You Buy?

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

Wall Street Analysts Forecast Growth

KNTK has been the subject of a number of research reports. Zacks Research upgraded shares of Kinetik from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 27th. Tudor Pickering started coverage on shares of Kinetik in a research report on Monday, July 20th. They issued a “buy” rating and a $57.00 price target on the stock. Citigroup restated a “buy” rating on shares of Kinetik in a research note on Tuesday. US Capital Advisors raised shares of Kinetik from a “moderate buy” rating to a “strong-buy” rating in a report on Friday, May 29th. Finally, Mizuho lifted their price objective on shares of Kinetik from $48.00 to $51.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.27.

Kinetik Stock Performance

The firm 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. The company’s 50 day simple moving average is $48.43 and its 200-day simple moving average is $46.73.

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

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 26,550 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $50.24, for a total transaction of $1,333,872.00. Following the completion of the transaction, the insider directly owned 1,664,820 shares in the company, valued at $83,640,556.80. The trade was a 1.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 264,074 shares of company stock worth $13,332,540 over the last three months. 3.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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