Kinetik (NYSE:KNTK) Upgraded by Zacks Research to “Strong-Buy” Rating

Kinetik (NYSE:KNTK) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

A number of other analysts have also commented on KNTK. Jefferies Financial Group reissued a “hold” rating and set a $51.00 price objective on shares of Kinetik in a report on Friday, May 8th. Barclays set a $50.00 target price on Kinetik and gave the company an “equal weight” rating in a report on Thursday, May 14th. Wall Street Zen cut Kinetik from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 17th. Citigroup reiterated a “buy” rating and set a $52.00 price target (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Finally, Weiss Ratings raised Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, July 6th. Three analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.50.

Kinetik Price Performance

Shares of NYSE KNTK opened at $49.44 on Monday. The company has a 50-day moving average price of $48.19 and a 200-day moving average price of $45.96. The stock has a market capitalization of $8.03 billion, a P/E ratio of 20.18, a P/E/G ratio of 1.93 and a beta of 0.56. Kinetik has a 1 year low of $31.33 and a 1 year high of $52.54.

Kinetik (NYSE:KNTK) last posted its earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share 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 during the quarter. During the same quarter in the previous year, the company earned $0.05 EPS. Kinetik’s revenue was down 7.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Kinetik will post 0.81 earnings per share for the current fiscal year.

Insider Transactions at Kinetik

In other Kinetik 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 stock was sold at an average price of $50.52, for a total value of $27,006,173.28. Following the completion of the transaction, the insider owned 428,894 shares in the company, valued at $21,667,724.88. This represents a 55.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Kinetik

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. CWM LLC grew its position in Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after buying an additional 352 shares during the period. Signaturefd LLC raised its position in 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 purchased a new position in Kinetik in the fourth quarter valued at about $33,000. Los Angeles Capital Management LLC purchased a new position in Kinetik in the fourth quarter valued at about $40,000. Finally, Huntington National Bank grew its position in shares of Kinetik by 139.1% during the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock valued at $44,000 after acquiring an additional 711 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.