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

Kinetik Holdings Inc. (NYSE:KNTK) has received an average recommendation of “Moderate Buy” from the fifteen research firms that are covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $49.1667.

A number of equities analysts have recently commented on the stock. Weiss Ratings upgraded shares of Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. Zacks Research upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 26th. Wells Fargo & Company upgraded shares of Kinetik from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $47.00 to $52.00 in a research report on Wednesday, March 25th. Scotiabank restated an “outperform” rating and set a $52.00 price objective (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Finally, Truist Financial assumed coverage on shares of Kinetik in a research report on Tuesday, March 24th. They set a “buy” rating and a $53.00 price objective for the company.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $50.52, for a total transaction of $27,006,173.28. Following the completion of the sale, the insider directly owned 428,894 shares in the company, valued at $21,667,724.88. This trade represents a 55.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 1,071,107 shares of company stock worth $53,172,463 in the last three months. Company insiders own 3.56% of the company’s stock.

Institutional Investors Weigh In On Kinetik

Several hedge funds have recently bought and sold shares of KNTK. Comerica Bank lifted its position 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 acquiring an additional 732 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Kinetik by 4.2% during the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock worth $670,000 after purchasing an additional 522 shares during the period. Millennium Management LLC increased its holdings in shares of Kinetik by 88.7% during the first quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock worth $6,884,000 after purchasing an additional 62,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Kinetik by 27.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock worth $4,131,000 after purchasing an additional 17,034 shares during the period. Finally, Intech Investment Management LLC increased its holdings in shares of Kinetik by 14.3% during the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock worth $1,149,000 after purchasing an additional 2,766 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Price Performance

Kinetik stock opened at $45.41 on Wednesday. The firm has a 50-day moving average of $47.77 and a 200-day moving average of $43.17. Kinetik has a one year low of $31.33 and a one year high of $51.51. The company has a market cap of $7.37 billion, a price-to-earnings ratio of 18.53, a P/E/G ratio of 2.36 and a beta of 0.57.

Kinetik (NYSE:KNTK) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The business had revenue of $409.98 million for the quarter. During the same period last year, the company posted $0.05 EPS. Kinetik’s revenue was down 7.5% on a year-over-year basis. As a group, sell-side analysts expect that Kinetik will post 0.62 earnings per share for the current year.

About Kinetik

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.