Kinetik Holdings Inc. (NYSE:KNTK) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Kinetik Holdings Inc. (NYSE:KNTK) have received a consensus recommendation of “Moderate Buy” from the nineteen brokerages that are covering the firm, MarketBeat reports. Six investment analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $54.00.

KNTK has been the subject of several analyst reports. Jefferies Financial Group reissued a “hold” rating and set a $56.00 price target on shares of Kinetik in a report on Wednesday, September 9th. Barclays set a $51.00 price objective on shares of Kinetik and gave the stock an “equal weight” rating in a report on Thursday, August 6th. Morgan Stanley reiterated an “overweight” rating and issued a $70.00 price objective (up from $64.00) on shares of Kinetik in a research report on Tuesday, August 18th. Citigroup reissued a “buy” rating and set a $55.00 target price (up from $52.00) on shares of Kinetik in a research note on Tuesday, August 11th. Finally, Weiss Ratings upgraded shares of Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 24,194 shares of the business’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $53.55, for a total transaction of $1,295,588.70. Following the completion of the transaction, the insider directly owned 384,142 shares in the company, valued at approximately $20,570,804.10. The trade was a 5.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 1,547,491 shares of company stock worth $81,648,682 over the last quarter. Insiders own 3.56% of the company’s stock.

Institutional Trading of Kinetik

Large investors have recently added to or reduced their stakes in the business. Miller Howard Investments Inc. NY raised its position in shares of Kinetik by 69.4% during the 1st quarter. Miller Howard Investments Inc. NY now owns 146,317 shares of the company’s stock worth $7,083,000 after buying an additional 59,942 shares in the last quarter. Infrastructure Capital Advisors LLC acquired a new stake in shares of Kinetik in the 4th quarter worth approximately $9,323,000. Bank of New York Mellon Corp bought a new position in shares of Kinetik in the second quarter valued at approximately $17,364,000. Squarepoint Ops LLC bought a new position in shares of Kinetik in the second quarter valued at approximately $2,790,000. Finally, HighTower Advisors LLC increased its stake in shares of Kinetik by 33.1% during the fourth quarter. HighTower Advisors LLC now owns 102,906 shares of the company’s stock valued at $3,710,000 after acquiring an additional 25,574 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Price Performance

NYSE:KNTK opened at $51.05 on Friday. Kinetik has a 12-month low of $31.33 and a 12-month high of $56.92. The firm has a market capitalization of $8.29 billion, a P/E ratio of 18.50, a P/E/G ratio of 1.24 and a beta of 0.61. The business has a 50 day simple moving average of $52.61 and a 200 day simple moving average of $49.56.

Kinetik (NYSE:KNTK) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.45. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The firm had revenue of $581.44 million during the quarter, compared to the consensus estimate of $421.48 million. During the same period in the prior year, the business earned $0.33 EPS. The firm’s revenue was up 36.3% on a year-over-year basis. Research analysts anticipate that Kinetik will post 1.3 EPS for the current fiscal year.

About Kinetik

Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides infrastructure and logistics services for natural gas, natural gas liquids (NGLs), crude oil and produced water. The company primarily serves producers operating in the Delaware Basin, a major oil and gas-producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik’s operations include natural gas gathering, compression, processing and transportation, as well as NGL transportation and pipeline logistics.