Kinetik (NYSE:KNTK) Sets New 12-Month High – Time to Buy?

Kinetik Holdings Inc. (NYSE:KNTK)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $54.84 and last traded at $54.57, with a volume of 55075 shares trading hands. The stock had previously closed at $52.98.

Analyst Upgrades and Downgrades

Several brokerages recently commented on KNTK. Citigroup reaffirmed a “buy” rating and issued a $55.00 target price (up from $52.00) on shares of Kinetik in a research note on Tuesday, August 11th. JPMorgan Chase & Co. increased their price target on shares of Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Morgan Stanley reissued an “overweight” rating and issued a $70.00 price target (up from $64.00) on shares of Kinetik in a report on Tuesday. Jefferies Financial Group restated a “hold” rating and issued a $51.00 price objective on shares of Kinetik in a research report on Friday, May 8th. Finally, Wall Street Zen raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Kinetik has a consensus rating of “Moderate Buy” and an average target price of $53.27.

Kinetik Stock Up 0.4%

The company has a market cap of $8.89 billion, a P/E ratio of 19.84, a P/E/G ratio of 1.35 and a beta of 0.56. The business has a fifty day moving average of $49.39 and a 200 day moving average of $47.38.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.45. The business had revenue of $581.44 million for the quarter, compared to analysts’ expectations of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The firm’s revenue for the quarter was up 36.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.33 earnings per share. On average, sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.3 EPS for the current fiscal year.

Insider Transactions at Kinetik

In related news, Director Deborah L. Byers sold 2,739 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $51.51, for a total transaction of $141,085.89. Following the transaction, the director owned 24,389 shares in the company, valued at $1,256,277.39. The trade was a 10.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Isq Global Fund Ii Gp Llc sold 135,102 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $52.78, for a total transaction of $7,130,683.56. Following the completion of the transaction, the insider directly owned 993,792 shares of the company’s stock, valued at approximately $52,452,341.76. The trade was a 11.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 937,841 shares of company stock worth $48,468,322 in the last ninety days. Insiders own 3.56% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Zimmer Partners LP purchased a new position in Kinetik during the 4th quarter valued at about $98,611,000. Wellington Management Group LLP boosted its stake in Kinetik by 149.6% during the fourth quarter. Wellington Management Group LLP now owns 1,608,403 shares of the company’s stock worth $57,983,000 after acquiring an additional 964,130 shares in the last quarter. Cohen & Steers Inc. grew its holdings in Kinetik by 82.5% in the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after purchasing an additional 833,224 shares during the period. Principal Financial Group Inc. increased its stake in shares of Kinetik by 382.8% during the fourth quarter. Principal Financial Group Inc. now owns 1,018,692 shares of the company’s stock valued at $36,724,000 after purchasing an additional 807,707 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new position in shares of Kinetik during the second quarter valued at approximately $22,025,000. 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.