Kinetik (NYSE:KNTK) Trading Up 10.9% on Strong Earnings

Kinetik Holdings Inc. (NYSE:KNTK)’s stock price shot up 10.9% during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $48.37 and last traded at $48.27. 1,570,784 shares traded hands during mid-day trading, an increase of 16% from the average session volume of 1,351,496 shares. The stock had previously closed at $43.51.

The company reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $2.01. The business had revenue of $430.42 million during the quarter. Kinetik had a net margin of 6.70% and a negative return on equity of 5.74%. Kinetik’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.01 EPS.

Analyst Ratings Changes

Several research firms have recently commented on KNTK. Jefferies Financial Group cut Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price target for the company. in a report on Friday, February 6th. Raymond James Financial set a $46.00 price objective on Kinetik in a research report on Monday, January 5th. Scotiabank restated an “outperform” rating and set a $48.00 price objective on shares of Kinetik in a report on Friday, January 16th. Royal Bank Of Canada reduced their target price on shares of Kinetik from $52.00 to $46.00 and set an “outperform” rating on the stock in a report on Wednesday, November 19th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a research note on Thursday, January 22nd. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $46.00.

Insider Activity at Kinetik

In related news, insider Matthew Wall sold 8,083 shares of the stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $36.05, for a total transaction of $291,392.15. Following the completion of the sale, the insider owned 554,738 shares in the company, valued at $19,998,304.90. This represents a 1.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of KNTK. Chickasaw Capital Management LLC boosted its holdings in shares of Kinetik by 63.9% during the 3rd quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company’s stock valued at $46,948,000 after acquiring an additional 428,103 shares during the last quarter. Public Sector Pension Investment Board purchased a new position in shares of Kinetik during the third quarter valued at about $7,277,000. Dynamic Technology Lab Private Ltd increased its position in Kinetik by 86.9% in the second quarter. Dynamic Technology Lab Private Ltd now owns 17,360 shares of the company’s stock worth $765,000 after purchasing an additional 8,070 shares during the last quarter. Fort Washington Investment Advisors Inc. OH boosted its holdings in shares of Kinetik by 90.5% in the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 61,695 shares of the company’s stock worth $2,637,000 after purchasing an additional 29,303 shares during the period. Finally, Eagle Global Advisors LLC grew its holdings in Kinetik by 70.7% during the 3rd quarter. Eagle Global Advisors LLC now owns 449,980 shares of the company’s stock valued at $19,232,000 after purchasing an additional 186,444 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Trading Up 9.7%

The company’s 50 day moving average is $39.05 and its 200 day moving average is $38.81. The company has a market cap of $7.71 billion, a PE ratio of 113.67, a P/E/G ratio of 1.08 and a beta of 0.73.

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.