Kinetik (NYSE:KNTK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Kinetik (NYSE:KNTK) from a sell rating to a hold rating in a report issued on Saturday.

Several other equities analysts have also weighed in on KNTK. Zacks Research lowered shares of Kinetik from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. UBS Group lowered their target price 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. Barclays upped their target price on shares of Kinetik from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Thursday, March 19th. Jefferies Financial Group downgraded Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price target on the stock. in a research note on Friday, February 6th. Finally, Royal Bank Of Canada raised their price target on Kinetik from $46.00 to $49.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 10th. Six research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Kinetik currently has a consensus rating of “Hold” and an average price target of $46.27.

Kinetik Stock Down 0.3%

Shares of KNTK stock opened at $45.74 on Friday. The firm has a market cap of $7.42 billion, a price-to-earnings ratio of 17.80, a PEG ratio of 1.45 and a beta of 0.69. Kinetik has a 12 month low of $31.33 and a 12 month high of $54.94. The stock has a 50-day moving average price of $42.68 and a 200 day moving average price of $39.37.

Kinetik (NYSE:KNTK) last released its earnings results on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $2.01. The company had revenue of $430.42 million for the quarter. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.01 earnings per share.

Insider Activity

In other Kinetik news, insider Trevor Howard sold 1,619 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $75,963.48. Following the sale, the insider directly owned 249,795 shares in the company, valued at approximately $11,720,381.40. This trade represents a 0.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Steven Stellato sold 2,907 shares of Kinetik stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $136,396.44. Following the transaction, the insider directly owned 393,382 shares in the company, valued at approximately $18,457,483.44. This represents a 0.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 4,015,831 shares of company stock worth $180,054,928 over the last quarter. 3.83% of the stock is owned by insiders.

Institutional Trading of Kinetik

Large investors have recently made changes to their positions in the company. Comerica Bank raised its stake in Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after buying an additional 732 shares during the period. AQR Capital Management LLC grew its stake in Kinetik by 4.2% in the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock valued at $670,000 after acquiring an additional 522 shares during the period. Millennium Management LLC increased its holdings in shares of Kinetik by 88.7% in the first quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock worth $6,884,000 after acquiring an additional 62,306 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Kinetik by 27.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock worth $4,131,000 after acquiring an additional 17,034 shares in the last quarter. Finally, Intech Investment Management LLC raised its position in shares of Kinetik by 14.3% during the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock worth $1,149,000 after purchasing an additional 2,766 shares during the period. Institutional investors 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.