Kinetik (NYSE:KNTK) Sets New 52-Week High – Here’s What Happened

Kinetik Holdings Inc. (NYSE:KNTK)’s stock price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $51.20 and last traded at $51.16, with a volume of 517046 shares. The stock had previously closed at $50.94.

Analyst Ratings Changes

KNTK has been the subject of several recent research reports. UBS Group cut their target price on shares of Kinetik from $49.00 to $48.00 and set a “neutral” rating for the company in a research note on Monday, March 16th. Citigroup restated a “buy” rating and issued a $52.00 target price (up from $51.00) on shares of Kinetik in a report on Tuesday. Mizuho upped their target price on Kinetik from $48.00 to $51.00 and gave the company an “outperform” rating in a report on Tuesday, April 28th. Royal Bank Of Canada reissued an “outperform” rating and issued a $50.00 price target (up from $49.00) on shares of Kinetik in a research note on Thursday, April 16th. Finally, Barclays set a $50.00 price objective on shares of Kinetik and gave the company an “equal weight” rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $48.92.

Kinetik Price Performance

The business has a 50 day simple moving average of $47.15 and a 200 day simple moving average of $41.14. The stock has a market cap of $8.29 billion, a PE ratio of 20.87, a P/E/G ratio of 1.90 and a beta of 0.61.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.23). The firm had revenue of $409.98 million for the quarter. Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. Kinetik’s revenue was down 7.5% compared to the same quarter last year. During the same period last year, the company posted $0.05 EPS. As a group, sell-side analysts forecast that Kinetik Holdings Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Buying and Selling at Kinetik

In related news, insider Matthew Wall sold 3,222 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $151,176.24. Following the completion of the sale, the insider directly owned 585,556 shares in the company, valued at approximately $27,474,287.52. This represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the 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 transaction, the insider directly owned 428,894 shares in the company, valued at $21,667,724.88. The trade was a 55.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 5,078,855 shares of company stock worth $232,935,999 in the last 90 days. 3.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Kinetik by 9.4% during the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock worth $183,739,000 after purchasing an additional 439,586 shares during the period. Zimmer Partners LP bought a new position in shares of Kinetik in the fourth quarter valued at approximately $98,611,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in shares of Kinetik by 1.7% in the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock worth $90,720,000 after buying an additional 30,600 shares during the last quarter. Cohen & Steers Inc. boosted its holdings in shares of Kinetik by 82.5% during the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after buying an additional 833,224 shares during the period. Finally, Invesco Ltd. grew its stake in Kinetik by 22.4% in the 4th quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock valued at $63,997,000 after buying an additional 325,251 shares during the last quarter. 21.11% of the stock is owned by institutional investors.

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.