Kinetik (NYSE:KNTK) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Kinetik (NYSE:KNTK) from a hold rating to a sell rating in a report issued on Sunday morning.

Several other research firms have also commented on KNTK. Wolfe Research lowered shares of Kinetik from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, January 27th. The Goldman Sachs Group cut their target price on Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a research note on Monday, November 17th. Royal Bank Of Canada reduced their target price on Kinetik from $52.00 to $46.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 19th. Raymond James Financial set a $46.00 price target on Kinetik in a report on Monday, January 5th. Finally, Citigroup raised their price objective on Kinetik from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd. Six equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $45.82.

Kinetik Trading Down 0.2%

Shares of KNTK opened at $45.26 on Friday. Kinetik has a 12-month low of $31.33 and a 12-month high of $54.94. The firm has a market capitalization of $7.31 billion, a P/E ratio of 17.61, a P/E/G ratio of 1.11 and a beta of 0.70. The firm has a 50-day moving average price of $41.00 and a 200 day moving average price of $39.13.

Kinetik (NYSE:KNTK) last issued its earnings results on Thursday, February 26th. The company reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $2.01. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The company had revenue of $430.42 million for the quarter. During the same period last year, the firm earned $0.01 earnings per share. Kinetik’s revenue for the quarter was up 11.5% on a year-over-year basis.

Insider Transactions at Kinetik

In other news, insider Steven Stellato sold 2,907 shares of Kinetik stock in a transaction 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 completion of the sale, the insider directly owned 393,382 shares of the company’s stock, valued at approximately $18,457,483.44. The trade was a 0.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $44.85, for a total value of $179,400,000.00. Following the transaction, the insider directly owned 1 shares in the company, valued at approximately $44.85. The trade was a 100.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 4,015,831 shares of company stock worth $180,054,928 in the last ninety days. 3.83% of the stock is owned by company insiders.

Institutional Trading of Kinetik

A number of institutional investors and hedge funds have recently bought and sold shares of KNTK. ProShare Advisors LLC boosted 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 purchasing an additional 294 shares during the period. Maryland State Retirement & Pension System increased its stake in 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 buying an additional 337 shares during the period. Federated Hermes Inc. lifted its holdings in Kinetik by 0.4% during the 2nd quarter. Federated Hermes Inc. now owns 89,133 shares of the company’s stock worth $3,926,000 after buying an additional 346 shares in the last quarter. CWM LLC boosted its position in Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after buying an additional 352 shares during the period. Finally, SL Advisors LLC grew its stake in shares of Kinetik by 1.7% in the third quarter. SL Advisors LLC now owns 22,306 shares of the company’s stock worth $953,000 after acquiring an additional 379 shares in the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

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.