Kinetik (NYSE:KNTK) Posts Quarterly Earnings Results, Misses Expectations By $0.14 EPS

Kinetik (NYSE:KNTK) issued its earnings results on Wednesday. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.14), Zacks reports. Kinetik had a net margin of 25.65% and a negative return on equity of 44.80%. The firm had revenue of $569.40 million during the quarter. During the same quarter last year, the firm posted $0.03 earnings per share. The firm’s quarterly revenue was up 22.7% on a year-over-year basis.

Kinetik Trading Down 1.1%

Shares of NYSE:KNTK traded down $0.52 on Friday, reaching $48.62. 1,262,265 shares of the company were exchanged, compared to its average volume of 1,181,718. Kinetik has a 1-year low of $31.33 and a 1-year high of $58.90. The firm has a market cap of $7.89 billion, a price-to-earnings ratio of 16.26, a price-to-earnings-growth ratio of 1.14 and a beta of 0.67. The company has a 50-day moving average of $53.95 and a 200-day moving average of $48.91.

Analyst Ratings Changes

A number of equities research analysts recently commented on KNTK shares. Zacks Research downgraded shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 30th. Citigroup reaffirmed a “buy” rating and issued a $55.00 price objective (up from $52.00) on shares of Kinetik in a report on Tuesday, August 11th. The Goldman Sachs Group reiterated a “buy” rating and set a $58.00 target price on shares of Kinetik in a research report on Wednesday, October 14th. Jefferies Financial Group reissued a “hold” rating and set a $54.00 target price (down from $56.00) on shares of Kinetik in a research note on Monday, October 19th. Finally, Barclays increased their target price on Kinetik from $51.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Kinetik currently has a consensus rating of “Moderate Buy” and an average target price of $55.47.

Insider Activity

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 2,000,000 shares of the firm’s stock in a transaction dated Tuesday, October 13th. The shares were sold at an average price of $54.77, for a total value of $109,540,000.00. Following the completion of the sale, the insider owned 1 shares in the company, valued at $54.77. This trade represents a 100.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have sold 3,706,445 shares of company stock valued at $200,809,806. Company insiders own 3.56% of the company’s stock.

Kinetik Company Profile

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company’s assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.