Kinetik (NYSE:KNTK) Reaches New 1-Year High – Here’s What Happened

Kinetik Holdings Inc. (NYSE:KNTK) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $51.20 and last traded at $51.16, with a volume of 517046 shares trading hands. The stock had previously closed at $50.94.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company raised shares of Kinetik from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $47.00 to $52.00 in a report on Wednesday, March 25th. Jefferies Financial Group reissued a “hold” rating and set a $51.00 price target on shares of Kinetik in a report on Friday, May 8th. Barclays set a $50.00 price target on shares of Kinetik and gave the company an “equal weight” rating in a report on Thursday. Citigroup reissued a “buy” rating and set a $52.00 price target (up from $51.00) on shares of Kinetik in a report on Tuesday. Finally, UBS Group reduced their price target on shares of Kinetik from $49.00 to $48.00 and set a “neutral” rating for the company in a report on Monday, March 16th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.92.

Kinetik Price Performance

The firm has a market cap of $8.33 billion, a price-to-earnings ratio of 20.93, a P/E/G ratio of 1.95 and a beta of 0.61. The firm’s fifty day moving average is $47.27 and its two-hundred day moving average is $41.21.

Kinetik (NYSE:KNTK) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.23). The company had revenue of $409.98 million during the quarter. Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The firm’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.05 earnings per share. On average, equities analysts forecast that Kinetik Holdings Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the company’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $50.52, for a total value of $27,006,173.28. Following the completion of the sale, the insider owned 428,894 shares of the company’s stock, valued at $21,667,724.88. This represents a 55.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Steven Stellato sold 2,907 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $136,396.44. Following the completion of the sale, 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 position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 5,078,855 shares of company stock worth $232,935,999. 3.56% of the stock is owned by company insiders.

Institutional Investors Weigh In On Kinetik

Several institutional investors have recently bought and sold shares of KNTK. Vanguard Group Inc. lifted its holdings in Kinetik by 9.4% in the 4th quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock valued at $183,739,000 after acquiring an additional 439,586 shares during the last quarter. Zimmer Partners LP acquired a new stake in Kinetik in the 4th quarter valued at about $98,611,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in Kinetik by 1.7% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock valued at $90,720,000 after acquiring an additional 30,600 shares during the last quarter. Cohen & Steers Inc. lifted its holdings in Kinetik by 82.5% in the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock valued at $66,458,000 after acquiring an additional 833,224 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in Kinetik by 22.4% in the 4th quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock valued at $63,997,000 after acquiring an additional 325,251 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.