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

Shares of Kinetik Holdings Inc. (NYSE:KNTK) have been assigned an average recommendation of “Moderate Buy” from the thirteen research firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $45.8182.

Several equities analysts have recently commented on the stock. Barclays reduced their price target on shares of Kinetik from $43.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 8th. Mizuho set a $48.00 price objective on shares of Kinetik in a research note on Wednesday, October 29th. Scotiabank restated an “outperform” rating and issued a $48.00 target price on shares of Kinetik in a research note on Friday. Jefferies Financial Group assumed coverage on Kinetik in a report on Tuesday, December 2nd. They issued a “buy” rating and a $41.00 price target on the stock. Finally, Zacks Research downgraded Kinetik from a “hold” rating to a “strong sell” rating in a research note on Monday, January 5th.

Insider Buying and Selling

In other news, insider Jamie Welch bought 8,000 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The shares were purchased at an average price of $34.57 per share, with a total value of $276,560.00. Following the completion of the acquisition, the insider directly owned 3,687,791 shares in the company, valued at approximately $127,486,934.87. This trade represents a 0.22% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew Wall sold 8,083 shares of the business’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $36.05, for a total value of $291,392.15. Following the completion of the sale, the insider directly owned 554,738 shares in the company, valued at $19,998,304.90. This represents a 1.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Kinetik

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Federated Hermes Inc. grew its stake in shares of Kinetik by 0.4% in the 2nd quarter. Federated Hermes Inc. now owns 89,133 shares of the company’s stock worth $3,926,000 after purchasing an additional 346 shares during the last quarter. SL Advisors LLC lifted its position in shares of Kinetik by 1.7% during the 3rd quarter. SL Advisors LLC now owns 22,306 shares of the company’s stock valued at $953,000 after acquiring an additional 379 shares during the last quarter. Apollon Wealth Management LLC boosted its stake in shares of Kinetik by 6.9% during the 3rd quarter. Apollon Wealth Management LLC now owns 5,990 shares of the company’s stock worth $256,000 after acquiring an additional 388 shares in the last quarter. Aquatic Capital Management LLC boosted its position in shares of Kinetik by 0.8% in the 3rd quarter. Aquatic Capital Management LLC now owns 61,058 shares of the company’s stock valued at $2,610,000 after purchasing an additional 479 shares during the period. Finally, Rossby Financial LCC increased its stake in Kinetik by 33.5% in the 2nd quarter. Rossby Financial LCC now owns 2,006 shares of the company’s stock worth $88,000 after purchasing an additional 503 shares in the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Stock Performance

NYSE:KNTK opened at $38.68 on Friday. The stock has a market cap of $6.25 billion, a price-to-earnings ratio of 92.10, a price-to-earnings-growth ratio of 0.71 and a beta of 0.73. Kinetik has a one year low of $31.33 and a one year high of $67.60. The business’s 50-day simple moving average is $35.28 and its 200 day simple moving average is $38.96.

Kinetik (NYSE:KNTK) last announced 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 analyst estimates of $604.57 million. During the same period in the previous year, the company earned $0.35 earnings per share. The business’s revenue for the quarter was up 17.1% on a year-over-year basis.

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.