Kinetik (NYSE:KNTK) Raised to “Strong-Buy” at Zacks Research

Kinetik (NYSE:KNTK) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks reports.

Other research analysts have also issued reports about the stock. Scotiabank reissued an “outperform” rating and set a $58.00 price objective (up from $52.00) on shares of Kinetik in a report on Thursday, September 10th. Clear Str cut shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 17th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $57.00 price target (up from $56.00) on shares of Kinetik in a research note on Tuesday, August 11th. Morgan Stanley reaffirmed an “overweight” rating and set a $70.00 target price (up from $64.00) on shares of Kinetik in a report on Tuesday, August 18th. Finally, US Capital Advisors upgraded Kinetik from a “moderate buy” rating to a “strong-buy” rating in a research report on Friday, May 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Kinetik currently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Kinetik Trading Down 1.2%

Kinetik stock opened at $52.29 on Wednesday. Kinetik has a 52 week low of $31.33 and a 52 week high of $56.92. The stock has a market cap of $8.49 billion, a P/E ratio of 18.95, a price-to-earnings-growth ratio of 1.29 and a beta of 0.57. The stock has a 50 day moving average of $52.62 and a 200-day moving average of $49.36.

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KNTK. Miller Howard Investments Inc. NY boosted its position in shares of Kinetik by 69.4% during the first 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 during the period. Infrastructure Capital Advisors LLC acquired a new stake in Kinetik in the 4th quarter valued at approximately $9,323,000. Bank of New York Mellon Corp acquired a new stake in Kinetik in the 2nd quarter valued at approximately $17,364,000. HighTower Advisors LLC raised its stake in Kinetik by 33.1% during the 4th 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 in the last quarter. Finally, Diversify Wealth Management LLC bought a new stake in Kinetik during the 1st quarter valued at $1,612,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

About Kinetik

Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides gathering, processing, transportation and logistics services for oil and natural gas producers. The company’s operations are focused primarily on the Delaware Basin, a major producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik’s services include natural gas gathering and processing, natural gas liquids transportation and handling, crude oil logistics, and long-haul natural gas transportation.