Kinetik (NYSE:KNTK) Releases Quarterly Earnings Results, Misses Estimates By $0.20 EPS

Kinetik (NYSE:KNTK) released its earnings results on Wednesday. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.20), Briefing.com reports. The company had revenue of $463.97 million during the quarter, compared to analyst estimates of $604.57 million. Kinetik had a negative return on equity of 5.39% and a net margin of 6.70%.Kinetik’s revenue was up 17.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.35 earnings per share.

Kinetik Trading Down 0.1%

KNTK stock traded down $0.03 on Friday, hitting $34.26. The company had a trading volume of 587,178 shares, compared to its average volume of 1,125,186. The stock has a market cap of $5.55 billion, a price-to-earnings ratio of 81.57, a P/E/G ratio of 1.10 and a beta of 3.07. The stock’s 50-day simple moving average is $40.34 and its 200 day simple moving average is $41.91. Kinetik has a 12-month low of $33.81 and a 12-month high of $67.60.

Analyst Ratings Changes

KNTK has been the subject of a number of recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Kinetik in a research note on Wednesday, October 8th. The Goldman Sachs Group set a $46.00 price target on shares of Kinetik in a report on Tuesday, October 14th. Mizuho set a $48.00 target price on shares of Kinetik in a research report on Wednesday, October 29th. Wolfe Research reiterated an “outperform” rating and issued a $42.00 price target on shares of Kinetik in a research note on Friday. Finally, Zacks Research upgraded Kinetik from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 13th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.90.

Insider Buying and Selling at Kinetik

In other news, insider Jamie Welch acquired 5,000 shares of the company’s stock in a transaction on Thursday, October 2nd. The stock was bought at an average cost of $39.13 per share, with a total value of $195,650.00. Following the completion of the purchase, the insider directly owned 3,676,399 shares of the company’s stock, valued at $143,857,492.87. This represents a 0.14% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.83% of the stock is currently owned by company insiders.

Institutional Trading of Kinetik

Institutional investors and hedge funds have recently made changes to their positions in the business. Comerica Bank raised its position in Kinetik by 91.5% in the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after purchasing an additional 732 shares in the last quarter. Strs Ohio purchased a new position in Kinetik in the first quarter valued at $93,000. Tidal Investments LLC acquired a new stake in Kinetik in the second quarter valued at $260,000. Tower Research Capital LLC TRC boosted its position in shares of Kinetik by 68.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,770 shares of the company’s stock worth $342,000 after acquiring an additional 3,165 shares in the last quarter. Finally, HUB Investment Partners LLC raised its position in shares of Kinetik by 10.0% during the 2nd quarter. HUB Investment Partners LLC now owns 8,676 shares of the company’s stock worth $382,000 after acquiring an additional 788 shares in the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.