Kinetik (NYSE:KNTK) Rating Lowered to Sell at Wall Street Zen

Kinetik (NYSE:KNTK) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Sunday.

Other equities research analysts also recently issued reports about the stock. Barclays raised their price objective on shares of Kinetik from $40.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 5th. Zacks Research lowered Kinetik from a “hold” rating to a “strong sell” rating in a research note on Monday, January 5th. Jefferies Financial Group cut Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price target for the company. in a report on Friday, February 6th. Raymond James Financial set a $46.00 price target on Kinetik in a research note on Monday, January 5th. Finally, Citigroup upped their price objective on Kinetik from $46.00 to $51.00 and gave the company a “buy” rating in a report on Monday, March 2nd. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $45.55.

Kinetik Price Performance

NYSE:KNTK opened at $45.31 on Friday. The company has a market cap of $7.32 billion, a P/E ratio of 17.63, a P/E/G ratio of 1.11 and a beta of 0.69. The firm’s fifty day moving average price is $40.81 and its two-hundred day moving average price is $39.10. Kinetik has a one year low of $31.33 and a one year high of $54.94.

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

Insider Buying and Selling at Kinetik

In related news, insider Steven Stellato sold 2,907 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $136,396.44. Following the completion of the sale, the insider directly owned 393,382 shares in the company, valued at approximately $18,457,483.44. The trade was a 0.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the stock in a transaction that occurred on 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 sale, the insider directly owned 1 shares in the company, valued at $44.85. This represents a 100.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 4,015,831 shares of company stock valued at $180,054,928 over the last ninety days. Company insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Kinetik

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

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.