Kinetik (NYSE:KNTK) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of Kinetik (NYSE:KNTK) from a strong sell rating to a hold rating in a research report sent to investors on Thursday morning,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. UBS Group dropped their price target on shares of Kinetik from $49.00 to $48.00 and set a “neutral” rating on the stock in a research note on Monday, March 16th. Wolfe Research downgraded Kinetik from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, January 27th. Royal Bank Of Canada lifted their target price on Kinetik from $46.00 to $49.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 10th. Barclays boosted their price target on Kinetik from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 19th. Finally, Scotiabank raised their price objective on Kinetik from $49.00 to $51.00 and gave the company a “sector outperform” rating in a research note on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $47.25.

Kinetik Stock Performance

Kinetik stock opened at $48.64 on Thursday. The firm has a market capitalization of $7.89 billion, a PE ratio of 18.93, a price-to-earnings-growth ratio of 1.64 and a beta of 0.70. Kinetik has a one year low of $31.33 and a one year high of $54.15. The stock’s 50 day moving average price is $43.49 and its 200 day moving average price is $39.57.

Kinetik (NYSE:KNTK) last posted its quarterly earnings data 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. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The company had revenue of $430.42 million for the quarter. During the same quarter in the prior year, the business earned $0.01 EPS. The company’s revenue for the quarter was up 11.5% on a year-over-year basis.

Insider Activity at Kinetik

In other news, insider Trevor Howard sold 1,619 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total transaction of $75,963.48. Following the transaction, the insider owned 249,795 shares of the company’s stock, valued at approximately $11,720,381.40. This trade represents a 0.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Steven Stellato sold 2,907 shares of Kinetik stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $136,396.44. Following the completion of the transaction, the insider owned 393,382 shares of the company’s stock, valued at $18,457,483.44. This trade represents a 0.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 4,015,831 shares of company stock worth $180,054,928. Company insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Invesco Ltd. grew its position in shares of Kinetik by 22.4% in the 4th quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock worth $63,997,000 after acquiring an additional 325,251 shares in the last quarter. Vident Advisory LLC raised its position in shares of Kinetik by 0.8% during the 4th quarter. Vident Advisory LLC now owns 61,246 shares of the company’s stock valued at $2,208,000 after acquiring an additional 500 shares in the last quarter. Yaupon Capital Management LP bought a new position in Kinetik during the fourth quarter worth $5,698,000. Zimmer Partners LP acquired a new position in Kinetik in the fourth quarter worth $98,611,000. Finally, Virtus Investment Advisers LLC acquired a new position in Kinetik in the fourth quarter worth $170,000. Institutional investors own 21.11% of the company’s stock.

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.