Kinetik (NYSE:KNTK) Posts Earnings Results, Beats Expectations By $2.07 EPS

Kinetik (NYSE:KNTK) released its earnings results on Wednesday. The company reported $2.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $2.07, Zacks reports. Kinetik had a negative return on equity of 5.74% and a net margin of 6.70%.

Kinetik Stock Down 1.5%

Shares of NYSE KNTK traded down $0.68 during midday trading on Wednesday, reaching $43.50. 1,261,692 shares of the stock were exchanged, compared to its average volume of 1,350,472. The firm has a market cap of $7.03 billion, a price-to-earnings ratio of 103.57, a PEG ratio of 1.09 and a beta of 0.73. The firm has a 50-day simple moving average of $38.87 and a two-hundred day simple moving average of $38.78. Kinetik has a twelve month low of $31.33 and a twelve month high of $59.74.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Mizuho set a $48.00 price target on Kinetik in a research note on Wednesday, October 29th. Zacks Research lowered Kinetik from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. The Goldman Sachs Group reduced their price target on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a research report on Monday, November 17th. Royal Bank Of Canada decreased their price objective on shares of Kinetik from $52.00 to $46.00 and set an “outperform” rating for the company in a research note on Wednesday, November 19th. Finally, Jefferies Financial Group lowered shares of Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price objective on the stock. in a research note on Friday, February 6th. Six investment 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, the company presently has a consensus rating of “Hold” and a consensus price target of $46.00.

Insider Transactions at Kinetik

In related news, insider Matthew Wall sold 8,083 shares of the firm’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $36.05, for a total transaction of $291,392.15. Following the sale, the insider owned 554,738 shares in the company, valued at approximately $19,998,304.90. This trade represents a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Kinetik

Hedge funds have recently modified their holdings of the company. Kestra Advisory Services LLC acquired a new stake in shares of Kinetik during the 4th quarter valued at about $33,000. Los Angeles Capital Management LLC purchased a new position in Kinetik during the fourth quarter worth approximately $40,000. Advisory Services Network LLC acquired a new stake in Kinetik in the third quarter valued at approximately $55,000. Comerica Bank increased its position in shares of Kinetik by 91.5% in the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after buying an additional 732 shares in the last quarter. Finally, Strs Ohio purchased a new stake in shares of Kinetik in the first quarter valued at approximately $93,000. 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.