Kinetik (NYSE:KNTK) Sets New 52-Week High – Time to Buy?

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

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Truist Financial began coverage on Kinetik in a research report on Tuesday, March 24th. They set a “buy” rating and a $53.00 price target on the stock. Weiss Ratings upgraded Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, July 6th. Wells Fargo & Company raised Kinetik from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $47.00 to $52.00 in a research note on Wednesday, March 25th. US Capital Advisors upgraded Kinetik from a “moderate buy” rating to a “strong-buy” rating in a report on Friday, May 29th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $51.00 price target on shares of Kinetik in a research report on Friday, May 8th. 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.50.

Kinetik Stock Performance

The firm’s 50 day moving average is $48.17 and its 200-day moving average is $45.35. The firm has a market cap of $8.23 billion, a price-to-earnings ratio of 20.68, a price-to-earnings-growth ratio of 2.60 and a beta of 0.56.

Kinetik (NYSE:KNTK) last posted its earnings results on Wednesday, May 6th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.23). The business 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% on a year-over-year basis. During the same quarter last year, the firm earned $0.05 earnings per share. As a group, research analysts predict that Kinetik Holdings Inc. will post 0.62 EPS for the current year.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider owned 428,894 shares in the company, valued at approximately $21,667,724.88. This represents a 55.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 1,071,107 shares of company stock valued at $53,172,463 over the last ninety days. 3.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Zimmer Partners LP bought a new position in Kinetik in the 4th quarter worth $98,611,000. Wellington Management Group LLP boosted its holdings in Kinetik by 149.6% during the fourth quarter. Wellington Management Group LLP now owns 1,608,403 shares of the company’s stock valued at $57,983,000 after acquiring an additional 964,130 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in Kinetik by 86.5% during the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company’s stock valued at $66,455,000 after acquiring an additional 855,000 shares during the period. Cohen & Steers Inc. grew its position in shares of Kinetik by 82.5% in the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock valued at $66,458,000 after purchasing an additional 833,224 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Kinetik by 382.8% in 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 during the last quarter. 21.11% of the stock is owned by institutional investors.

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.