Kinetik Holdings Inc. (NYSE:KNTK) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Kinetik Holdings Inc. (NYSE:KNTK) have been given an average rating of “Moderate Buy” by the twelve ratings firms that are covering the firm, MarketBeat reports. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $47.90.

A number of research analysts have recently commented on KNTK shares. Mizuho set a $48.00 price target on Kinetik in a research note on Wednesday, October 29th. Wolfe Research restated an “outperform” rating and issued a $42.00 price target on shares of Kinetik in a research report on Friday, November 7th. The Goldman Sachs Group lowered their target price on Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a research report on Monday, November 17th. Barclays cut their price objective on Kinetik from $43.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Finally, Citigroup decreased their price objective on shares of Kinetik from $55.00 to $46.00 and set a “buy” rating for the company in a research report on Friday, November 21st.

Kinetik Trading Up 2.4%

NYSE KNTK opened at $34.68 on Friday. The firm’s 50 day simple moving average is $37.47 and its 200 day simple moving average is $40.99. Kinetik has a 1 year low of $31.33 and a 1 year high of $67.60. The firm has a market capitalization of $5.60 billion, a price-to-earnings ratio of 82.57, a P/E/G ratio of 1.85 and a beta of 3.07.

Kinetik (NYSE:KNTK) last released its earnings results on Wednesday, November 5th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.20). Kinetik had a net margin of 6.70% and a negative return on equity of 5.74%. The business had revenue of $463.97 million during the quarter, compared to the consensus estimate of $604.57 million. During the same quarter in the prior year, the firm earned $0.35 EPS. The business’s revenue was up 17.1% on a year-over-year basis.

Insiders Place Their Bets

In related news, insider Jamie Welch acquired 8,000 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were purchased at an average price of $34.57 per share, for a total transaction of $276,560.00. Following the completion of the acquisition, the insider owned 3,687,791 shares of the company’s stock, valued at approximately $127,486,934.87. This trade represents a 0.22% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Kinetik

A number of hedge funds have recently added to or reduced their stakes in KNTK. Bell Investment Advisors Inc acquired a new position in shares of Kinetik during the first quarter worth approximately $41,000. Aster Capital Management DIFC Ltd bought a new position in Kinetik in the 3rd quarter valued at about $54,000. Chung Wu Investment Group LLC bought a new stake in Kinetik during the 2nd quarter worth approximately $56,000. Advisory Services Network LLC purchased a new position in shares of Kinetik during the third quarter valued at approximately $55,000. Finally, Comerica Bank grew its holdings in Kinetik by 91.5% during the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after buying an additional 732 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.