Kinetik (NYSE:KNTK) Raised to Hold at Wall Street Zen

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

KNTK has been the subject of a number of other research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a research report on Thursday, January 22nd. Barclays boosted their target price on Kinetik from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Thursday. Scotiabank raised their price target on Kinetik from $49.00 to $51.00 and gave the company a “sector outperform” rating in a report on Tuesday, March 17th. Zacks Research lowered Kinetik from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. Finally, Raymond James Financial set a $46.00 price target on shares of Kinetik in a research note on Monday, January 5th. Six research 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $46.27.

Kinetik Stock Performance

Shares of KNTK opened at $45.87 on Friday. Kinetik has a fifty-two week low of $31.33 and a fifty-two week high of $54.94. The firm’s 50-day simple moving average is $42.50 and its two-hundred day simple moving average is $39.35. The stock has a market cap of $7.44 billion, a PE ratio of 17.85, a price-to-earnings-growth ratio of 1.45 and a beta of 0.69.

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

Insiders Place Their Bets

In other Kinetik news, insider Matthew Wall sold 8,083 shares of Kinetik stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $36.05, for a total value of $291,392.15. Following the completion of the sale, the insider owned 554,738 shares of the company’s stock, valued at approximately $19,998,304.90. This trade represents a 1.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the business’s stock in a transaction 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 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 SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 4,015,831 shares of company stock valued at $180,054,928. Insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Kinetik

Several large investors have recently bought and sold shares of the business. CWM LLC raised its position in Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after buying an additional 352 shares during the last quarter. Signaturefd LLC grew its stake in shares of Kinetik by 101.5% in the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after acquiring an additional 404 shares during the period. Kestra Advisory Services LLC bought a new stake in shares of Kinetik in the fourth quarter worth approximately $33,000. Los Angeles Capital Management LLC purchased a new position in shares of Kinetik during the fourth quarter valued at approximately $40,000. Finally, Huntington National Bank raised 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 valued at $44,000 after purchasing an additional 711 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors.

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.