Kinetik (NYSE:KNTK) Upgraded by Wall Street Zen to “Hold” Rating

Kinetik (NYSE:KNTK) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday.

Several other research firms have also weighed in on KNTK. Zacks Research lowered Kinetik from a “hold” rating to a “strong sell” rating in a research note on Monday, January 5th. UBS Group lowered their target price on Kinetik from $49.00 to $48.00 and set a “neutral” rating for the company in a research note on Monday, March 16th. Raymond James Financial set a $46.00 target price on shares of Kinetik in a report on Monday, January 5th. Barclays raised their price target on shares of Kinetik from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, Jefferies Financial Group lowered shares of Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price target on the stock. in a report on Friday, February 6th. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Kinetik presently has a consensus rating of “Hold” and a consensus target price of $46.27.

Kinetik Price Performance

Shares of KNTK opened at $45.87 on Friday. The firm has a 50 day simple moving average of $42.50 and a two-hundred day simple moving average of $39.37. Kinetik has a one year low of $31.33 and a one year high of $54.94. The company has a market cap of $7.41 billion, a P/E ratio of 17.85, a P/E/G ratio of 1.47 and a beta of 0.70.

Kinetik (NYSE:KNTK) last issued its earnings results on Thursday, February 26th. The company reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $2.01. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The firm had revenue of $430.42 million for the quarter. During the same period in the prior year, the business posted $0.01 EPS. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $44.85, for a total value of $179,400,000.00. Following the completion of the transaction, the insider owned 1 shares of the company’s stock, valued at $44.85. This represents a 100.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Trevor Howard sold 1,619 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $75,963.48. Following the completion of the transaction, the insider owned 249,795 shares of the company’s stock, valued at $11,720,381.40. This represents a 0.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 4,015,831 shares of company stock worth $180,054,928 in the last 90 days. 3.83% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Kinetik

Several hedge funds have recently added to or reduced their stakes in KNTK. CWM LLC grew its holdings in Kinetik by 89.8% during the 4th quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after acquiring an additional 352 shares during the last quarter. Signaturefd LLC increased its position in Kinetik by 101.5% in the 4th quarter. Signaturefd LLC now owns 802 shares of the company’s stock valued at $29,000 after acquiring an additional 404 shares during the period. Kestra Advisory Services LLC bought a new position in shares of Kinetik during the fourth quarter valued at $33,000. Los Angeles Capital Management LLC acquired a new position in shares of Kinetik during the fourth quarter worth $40,000. Finally, Huntington National Bank lifted its holdings in shares of Kinetik by 139.1% during the fourth quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $44,000 after purchasing an additional 711 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

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.