Tudor Pickering Begins Coverage on Kinetik (NYSE:KNTK)

Stock analysts at Tudor Pickering began coverage on shares of Kinetik (NYSE:KNTK) in a report issued on Monday, Marketbeat Ratings reports. The firm set a “buy” rating and a $57.00 price target on the stock. Tudor Pickering’s target price suggests a potential upside of 12.03% from the company’s previous close.

Other analysts have also issued reports about the stock. Wells Fargo & Company raised shares of Kinetik from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $47.00 to $52.00 in a research note on Wednesday, March 25th. Weiss Ratings raised Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 6th. Jefferies Financial Group reissued a “hold” rating and set a $51.00 target price on shares of Kinetik in a research note on Friday, May 8th. Citigroup reiterated a “buy” rating and issued a $52.00 target price (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Finally, Scotiabank reaffirmed an “outperform” rating and issued a $52.00 price target (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Kinetik has a consensus rating of “Moderate Buy” and an average price target of $50.50.

Kinetik Stock Performance

Shares of KNTK opened at $50.88 on Monday. The company has a market cap of $8.26 billion, a price-to-earnings ratio of 20.77, a price-to-earnings-growth ratio of 2.42 and a beta of 0.56. The firm has a fifty day moving average of $48.21 and a 200-day moving average of $45.45. Kinetik has a 1 year low of $31.33 and a 1 year high of $51.74.

Kinetik (NYSE:KNTK) last posted its earnings results on Wednesday, May 6th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.23). The firm had revenue of $409.98 million during the quarter. Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The company’s revenue was down 7.5% compared to the same quarter last year. During the same period last year, the business posted $0.05 EPS. Analysts predict that Kinetik will post 0.68 EPS for the current year.

Insider Activity

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the company’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $50.52, for a total value of $27,006,173.28. Following the completion of the sale, the insider directly owned 428,894 shares in the company, valued at approximately $21,667,724.88. This represents a 55.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Over the last three months, insiders have sold 1,049,678 shares of company stock valued at $52,143,442. 3.56% of the stock is currently owned by insiders.

Institutional Trading of Kinetik

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

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.