Kinetik (NYSE:KNTK) Raised to Strong-Buy at Zacks Research

Kinetik (NYSE:KNTK) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday, Zacks reports.

Several other research firms also recently issued reports on KNTK. Tudor Pickering began coverage on Kinetik in a research note on Monday, July 20th. They set a “buy” rating and a $57.00 price target for the company. Morgan Stanley reissued an “overweight” rating and set a $70.00 target price (up from $64.00) on shares of Kinetik in a research report on Tuesday, August 18th. JPMorgan Chase & Co. lifted their price objective on Kinetik from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. US Capital Advisors raised Kinetik from a “moderate buy” rating to a “strong-buy” rating in a research report on Friday, May 29th. Finally, Weiss Ratings upgraded Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Kinetik has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Kinetik Trading Down 1.2%

KNTK opened at $52.29 on Wednesday. The stock has a market cap of $8.49 billion, a price-to-earnings ratio of 18.95, a PEG ratio of 1.29 and a beta of 0.57. Kinetik has a 1 year low of $31.33 and a 1 year high of $56.92. The stock has a fifty day moving average price of $52.62 and a 200 day moving average price of $49.36.

Kinetik (NYSE:KNTK) last issued its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.45. The company had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The business’s revenue was up 36.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.33 EPS. As a group, sell-side analysts forecast that Kinetik will post 1.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 24,194 shares of the stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $53.55, for a total value of $1,295,588.70. Following the completion of the transaction, the insider owned 384,142 shares of the company’s stock, valued at $20,570,804.10. This represents a 5.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 1,547,491 shares of company stock valued at $81,648,682 over the last quarter. Insiders own 3.56% of the company’s stock.

Hedge Funds Weigh In On Kinetik

Several hedge funds and other institutional investors have recently modified their holdings of KNTK. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in shares of Kinetik by 1.7% during the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock worth $90,720,000 after buying an additional 30,600 shares in the last quarter. Cohen & Steers Inc. grew its stake in shares of Kinetik by 82.5% during the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock valued at $66,458,000 after purchasing an additional 833,224 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Kinetik by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock valued at $33,285,000 after purchasing an additional 8,513 shares during the last quarter. SIR Capital Management L.P. increased its holdings in shares of Kinetik by 195.1% in the fourth quarter. SIR Capital Management L.P. now owns 672,090 shares of the company’s stock valued at $24,229,000 after purchasing an additional 444,368 shares in the last quarter. Finally, Crawford Investment Counsel Inc. raised its position in Kinetik by 30.5% in the 4th quarter. Crawford Investment Counsel Inc. now owns 403,348 shares of the company’s stock worth $14,541,000 after purchasing an additional 94,173 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

About Kinetik

Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides gathering, processing, transportation and logistics services for oil and natural gas producers. The company’s operations are focused primarily on the Delaware Basin, a major producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik’s services include natural gas gathering and processing, natural gas liquids transportation and handling, crude oil logistics, and long-haul natural gas transportation.