Kinetik Holdings Inc. (KNTK) – What Are Researchers Thinking About This Stock?

Shares of Kinetik Holdings Inc. (NYSE:KNTK) have been assigned a consensus rating of “Moderate Buy” from the nineteen analysts that are currently covering the stock, Marketbeat.com reports. Six investment analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $55.47.

A number of brokerages have issued reports on KNTK. The Goldman Sachs Group reiterated a “buy” rating and issued a $58.00 price target on shares of Kinetik in a research note on Wednesday, October 14th. Tudor Pickering assumed coverage on Kinetik in a research note on Monday, July 20th. They issued a “buy” rating and a $57.00 price objective for the company. Citigroup reaffirmed a “buy” rating and set a $55.00 price target (up from $52.00) on shares of Kinetik in a research report on Tuesday, August 11th. Clear Str downgraded Kinetik from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. Finally, Zacks Research upgraded Kinetik from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, September 23rd.

Insider Buying and Selling at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 2,000,000 shares of the firm’s stock in a transaction dated Tuesday, October 13th. The shares were sold at an average price of $54.77, for a total value of $109,540,000.00. Following the transaction, the insider owned 1 shares of the company’s stock, valued at $54.77. This trade represents a 100.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last ninety days, insiders have sold 3,931,632 shares of company stock valued at $211,967,059. 3.56% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in Kinetik by 1.7% during the 1st 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 purchasing an additional 30,600 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Kinetik by 1.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock worth $33,285,000 after purchasing an additional 8,513 shares during the last quarter. NEOS Investment Management LLC grew its position in shares of Kinetik by 30.9% during the 2nd quarter. NEOS Investment Management LLC now owns 392,128 shares of the company’s stock worth $18,955,000 after purchasing an additional 92,637 shares in the last quarter. Pictet Asset Management Holding SA raised its stake in Kinetik by 107.1% in the first quarter. Pictet Asset Management Holding SA now owns 365,652 shares of the company’s stock valued at $17,701,000 after purchasing an additional 189,065 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Kinetik in the second quarter worth about $17,364,000. 21.11% of the stock is owned by institutional investors.

Kinetik Stock Performance

Kinetik stock opened at $55.82 on Tuesday. Kinetik has a 52 week low of $31.33 and a 52 week high of $56.92. The stock has a 50-day simple moving average of $53.92 and a 200 day simple moving average of $50.39. The stock has a market capitalization of $9.06 billion, a P/E ratio of 20.22, a PEG ratio of 1.24 and a beta of 0.61.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.45. The business 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 company’s quarterly revenue was up 36.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.33 earnings per share. Research analysts forecast that Kinetik will post 1.44 earnings per share for the current year.

Kinetik Company Profile

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company’s assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.