Kinetik (NYSE:KNTK) Trading 10.9% Higher Following Better-Than-Expected Earnings

Kinetik Holdings Inc. (NYSE:KNTK)’s share price was up 10.9% during trading on Thursday following a better than expected earnings announcement. The company traded as high as $48.37 and last traded at $48.27. Approximately 1,570,784 shares were traded during trading, an increase of 16% from the average daily volume of 1,351,496 shares. The stock had previously closed at $43.51.

The company reported $2.16 earnings per share for the quarter, topping the consensus estimate of $0.15 by $2.01. The firm had revenue of $430.42 million for the quarter. Kinetik had a net margin of 29.23% and a negative return on equity of 26.88%. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.01 earnings per share.

Analyst Ratings Changes

KNTK has been the subject of several research reports. Zacks Research cut shares of Kinetik from a “hold” rating to a “strong sell” rating in a research note on Monday, January 5th. Raymond James Financial set a $46.00 price target on Kinetik in a report on Monday, January 5th. Wolfe Research cut shares of Kinetik from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, January 27th. Wells Fargo & Company boosted their target price on Kinetik from $40.00 to $44.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a research report on Thursday, January 22nd. Six research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Kinetik has an average rating of “Hold” and an average price target of $44.73.

Insider Activity

In other Kinetik news, insider Matthew Wall sold 8,083 shares of the business’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $36.05, for a total transaction of $291,392.15. Following the sale, the insider owned 554,738 shares of the company’s stock, valued at approximately $19,998,304.90. The trade was a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 3.83% of the company’s stock.

Institutional Trading of Kinetik

Institutional investors have recently added to or reduced their stakes in the stock. Chickasaw Capital Management LLC lifted its stake in Kinetik by 63.9% in the third quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company’s stock worth $46,948,000 after purchasing an additional 428,103 shares during the last quarter. Public Sector Pension Investment Board bought a new stake in Kinetik in the third quarter valued at approximately $7,277,000. Dynamic Technology Lab Private Ltd boosted its stake in shares of Kinetik by 86.9% during the second quarter. Dynamic Technology Lab Private Ltd now owns 17,360 shares of the company’s stock valued at $765,000 after purchasing an additional 8,070 shares during the period. Fort Washington Investment Advisors Inc. OH grew its holdings in shares of Kinetik by 90.5% in the third quarter. Fort Washington Investment Advisors Inc. OH now owns 61,695 shares of the company’s stock worth $2,637,000 after purchasing an additional 29,303 shares during the last quarter. Finally, Eagle Global Advisors LLC increased its stake in shares of Kinetik by 70.7% in the third quarter. Eagle Global Advisors LLC now owns 449,980 shares of the company’s stock worth $19,232,000 after buying an additional 186,444 shares during the period. 21.11% of the stock is currently owned by institutional investors.

Kinetik Trading Down 3.3%

The company has a market capitalization of $7.34 billion, a P/E ratio of 17.68, a price-to-earnings-growth ratio of 1.15 and a beta of 0.73. The stock’s fifty day moving average is $39.56 and its 200 day moving average is $38.90.

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.