Kinetik (NYSE:KNTK) Rating Lowered to Hold at Zacks Research

Kinetik (NYSE:KNTK) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

Several other analysts also recently weighed in on the company. Raymond James Financial restated an “outperform” rating and set a $55.00 target price on shares of Kinetik in a research note on Friday, August 7th. Wall Street Zen upgraded Kinetik from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 8th. Scotiabank reissued an “outperform” rating and issued a $52.00 price target (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Wells Fargo & Company restated an “overweight” rating and set a $54.00 price objective on shares of Kinetik in a research note on Monday, August 10th. Finally, Citigroup restated a “buy” rating and set a $55.00 price objective (up from $52.00) on shares of Kinetik in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $53.27.

Kinetik Trading Up 1.5%

Shares of KNTK stock opened at $55.05 on Tuesday. The firm has a fifty day simple moving average of $50.23 and a 200-day simple moving average of $47.86. The company has a market capitalization of $8.94 billion, a PE ratio of 19.95, a price-to-earnings-growth ratio of 1.34 and a beta of 0.56. Kinetik has a twelve month low of $31.33 and a twelve month high of $56.10.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The firm had revenue of $581.44 million for the quarter, compared to the consensus estimate of $421.48 million. During the same quarter in the previous year, the firm posted $0.33 EPS. The firm’s quarterly revenue was up 36.3% on a year-over-year basis. Equities research analysts predict that Kinetik will post 1.3 EPS for the current year.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $50.52, for a total transaction of $11,889,831.48. Following the transaction, the insider owned 1,691,370 shares of the company’s stock, valued at $85,448,012.40. This trade represents a 12.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders sold 1,012,809 shares of company stock worth $52,548,833. Company insiders own 3.56% of the company’s stock.

Institutional Investors Weigh In On Kinetik

Several institutional investors and hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System boosted its holdings in shares of Kinetik by 4,839.8% in the 2nd quarter. California State Teachers Retirement System now owns 2,898,031 shares of the company’s stock valued at $140,091,000 after buying an additional 2,839,364 shares during the period. Zimmer Partners LP acquired a new stake in Kinetik during the fourth quarter worth about $98,611,000. Wellington Management Group LLP raised its stake in Kinetik by 149.6% during the fourth quarter. Wellington Management Group LLP now owns 1,608,403 shares of the company’s stock worth $57,983,000 after acquiring an additional 964,130 shares during the period. Cohen & Steers Inc. lifted its holdings in Kinetik by 82.5% in the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after acquiring an additional 833,224 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Kinetik by 382.8% in the fourth quarter. Principal Financial Group Inc. now owns 1,018,692 shares of the company’s stock worth $36,724,000 after acquiring an additional 807,707 shares during the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

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.