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

Wall Street Zen upgraded shares of Kinetik (NYSE:KNTK) from a sell rating to a hold rating in a research report report published on Saturday morning.

KNTK has been the subject of several other reports. Scotiabank reiterated an “outperform” rating and set a $48.00 price objective on shares of Kinetik in a research note on Friday, January 16th. Wells Fargo & Company lifted their target price on shares of Kinetik from $40.00 to $44.00 and gave the company an “equal weight” rating in a report on Friday. Jefferies Financial Group cut shares of Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price target for the company. in a research report on Friday, February 6th. The Goldman Sachs Group cut their price objective on Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a research report on Monday, November 17th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Kinetik in a research note on Thursday, January 22nd. Six equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $44.73.

Kinetik Price Performance

Shares of NYSE:KNTK opened at $45.45 on Friday. The firm has a market capitalization of $7.34 billion, a PE ratio of 17.68, a P/E/G ratio of 1.11 and a beta of 0.73. The business has a 50-day moving average of $39.56 and a two-hundred day moving average of $38.88. Kinetik has a 12 month low of $31.33 and a 12 month high of $59.74.

Kinetik (NYSE:KNTK) last issued 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. The business had revenue of $430.42 million during the quarter. Kinetik had a negative return on equity of 26.88% and a net margin of 29.23%.The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.01 EPS.

Insider Transactions at Kinetik

In other Kinetik news, insider Matthew Wall sold 8,083 shares of the company’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $36.05, for a total value of $291,392.15. Following the completion of the transaction, the insider directly owned 554,738 shares of the company’s stock, valued at $19,998,304.90. This represents a 1.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of KNTK. Comerica Bank grew its stake in Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after purchasing an additional 732 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Kinetik by 4.2% during the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock worth $670,000 after buying an additional 522 shares in the last quarter. Millennium Management LLC increased its stake in shares of Kinetik by 88.7% in the first quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock worth $6,884,000 after buying an additional 62,306 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Kinetik by 27.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock valued at $4,131,000 after acquiring an additional 17,034 shares in the last quarter. Finally, Intech Investment Management LLC raised its holdings in Kinetik by 14.3% in the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock valued at $1,149,000 after acquiring an additional 2,766 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.