Kinetik (NYSE:KNTK) Issues Quarterly Earnings Results, Beats Estimates By $2.01 EPS

Kinetik (NYSE:KNTK) announced its quarterly earnings data on Wednesday. The company reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $2.01, Briefing.com reports. The company had revenue of $430.42 million for the quarter. Kinetik had a negative return on equity of 5.74% and a net margin of 6.70%.Kinetik’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.01 EPS.

Kinetik Stock Down 1.5%

Shares of Kinetik stock opened at $43.50 on Thursday. The stock has a market cap of $7.03 billion, a PE ratio of 103.57, a price-to-earnings-growth ratio of 1.08 and a beta of 0.73. The business has a fifty day simple moving average of $39.05 and a 200-day simple moving average of $38.81. Kinetik has a 12 month low of $31.33 and a 12 month high of $59.74.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on KNTK shares. Scotiabank reaffirmed an “outperform” rating and issued a $48.00 price target on shares of Kinetik in a report on Friday, January 16th. Mizuho set a $48.00 target price on shares of Kinetik in a report on Wednesday, October 29th. The Goldman Sachs Group lowered their price target on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a report on Monday, November 17th. Jefferies Financial Group lowered shares of Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price objective for the company. in a research report on Friday, February 6th. Finally, Wolfe Research lowered shares of Kinetik from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, January 27th. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $46.00.

Insider Transactions at Kinetik

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

Institutional Trading of Kinetik

Hedge funds have recently bought and sold shares of the company. Maryland State Retirement & Pension System increased its holdings in Kinetik by 5.4% during the fourth quarter. Maryland State Retirement & Pension System now owns 6,612 shares of the company’s stock valued at $238,000 after buying an additional 337 shares during the last quarter. Federated Hermes Inc. lifted its position in shares of Kinetik by 0.4% during the 2nd quarter. Federated Hermes Inc. now owns 89,133 shares of the company’s stock valued at $3,926,000 after buying an additional 346 shares in the last quarter. Captrust Financial Advisors lifted its holdings in Kinetik by 4.9% during the fourth quarter. Captrust Financial Advisors now owns 8,420 shares of the company’s stock valued at $304,000 after purchasing an additional 390 shares in the last quarter. Aquatic Capital Management LLC boosted its holdings in Kinetik by 0.8% in the 3rd quarter. Aquatic Capital Management LLC now owns 61,058 shares of the company’s stock worth $2,610,000 after buying an additional 479 shares during the period. Finally, Federation des caisses Desjardins du Quebec grew its position in shares of Kinetik by 19.0% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 3,104 shares of the company’s stock worth $112,000 after purchasing an additional 496 shares in the last quarter. Hedge funds and other 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.