Zacks Research Upgrades Kinetik (NYSE:KNTK) to Hold

Kinetik (NYSE:KNTK) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Thursday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on KNTK. Citigroup raised their target price on Kinetik from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 2nd. Royal Bank Of Canada boosted their price objective on shares of Kinetik from $46.00 to $49.00 and gave the company an “outperform” rating in a report on Tuesday, March 10th. Weiss Ratings restated a “hold (c)” rating on shares of Kinetik in a research report on Thursday, January 22nd. Raymond James Financial set a $46.00 price objective on shares of Kinetik in a report on Monday, January 5th. Finally, Barclays raised their price target on shares of Kinetik from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 19th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.25.

Kinetik Stock Performance

Kinetik stock opened at $48.64 on Thursday. The business’s fifty day moving average is $43.49 and its two-hundred day moving average is $39.57. The firm has a market cap of $7.89 billion, a P/E ratio of 18.93, a P/E/G ratio of 1.64 and a beta of 0.70. Kinetik has a 52 week low of $31.33 and a 52 week high of $54.15.

Kinetik (NYSE:KNTK) last announced its quarterly earnings data on Thursday, February 26th. The company reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $2.01. The firm had revenue of $430.42 million during the quarter. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.Kinetik’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 business earned $0.01 earnings per share.

Insider Activity at Kinetik

In related news, insider Steven Stellato sold 2,907 shares of Kinetik stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $136,396.44. Following the transaction, the insider directly owned 393,382 shares of the company’s stock, valued at $18,457,483.44. The trade was a 0.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew Wall sold 3,222 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total transaction of $151,176.24. Following the completion of the sale, the insider directly owned 585,556 shares in the company, valued at approximately $27,474,287.52. This represents a 0.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 4,015,831 shares of company stock worth $180,054,928. Corporate insiders own 3.83% of the company’s stock.

Institutional Trading of Kinetik

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KNTK. ProShare Advisors LLC lifted its stake in shares of Kinetik by 3.5% in the fourth quarter. ProShare Advisors LLC now owns 8,633 shares of the company’s stock valued at $311,000 after buying an additional 294 shares in the last quarter. Maryland State Retirement & Pension System raised its stake in shares of Kinetik by 5.4% during the 4th quarter. Maryland State Retirement & Pension System now owns 6,612 shares of the company’s stock worth $238,000 after purchasing an additional 337 shares during the period. Federated Hermes Inc. raised its position in Kinetik by 0.4% in the second quarter. Federated Hermes Inc. now owns 89,133 shares of the company’s stock worth $3,926,000 after acquiring an additional 346 shares during the period. CWM LLC lifted its stake in Kinetik by 89.8% in the fourth quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after purchasing an additional 352 shares during the last quarter. Finally, SL Advisors LLC grew its stake in shares of Kinetik by 1.7% during the 3rd quarter. SL Advisors LLC now owns 22,306 shares of the company’s stock worth $953,000 after acquiring an additional 379 shares during the period. 21.11% of the stock is owned by 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.