Kinetik (NYSE:KNTK) Shares Gap Down – What’s Next?

Shares of Kinetik Holdings Inc. (NYSE:KNTK) gapped down before the market opened on Wednesday . The stock had previously closed at $48.41, but opened at $46.74. Kinetik shares last traded at $46.14, with a volume of 306,176 shares traded.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Jefferies Financial Group cut shares of Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price objective for the company. in a report on Friday, February 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Kinetik in a report on Thursday, January 22nd. Raymond James Financial set a $46.00 target price on Kinetik in a research report on Monday, January 5th. Barclays increased their price target on Kinetik from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Thursday, March 19th. Finally, Wall Street Zen upgraded Kinetik from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.25.

Kinetik Trading Up 1.9%

The stock has a 50-day moving average of $44.16 and a two-hundred day moving average of $39.70. The firm has a market cap of $7.57 billion, a price-to-earnings ratio of 18.16, a price-to-earnings-growth ratio of 1.55 and a beta of 0.66.

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, topping the consensus estimate of $0.15 by $2.01. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The firm had revenue of $430.42 million for the quarter. During the same quarter in the previous year, the firm posted $0.01 EPS. Kinetik’s quarterly revenue was up 11.5% on a year-over-year basis.

Insider Activity

In other Kinetik news, insider Trevor Howard sold 1,619 shares of Kinetik stock in a transaction that occurred on 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 directly owned 249,795 shares in the company, valued at approximately $11,720,381.40. The trade was a 0.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Matthew Wall sold 3,222 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total transaction of $151,176.24. Following the sale, the insider directly owned 585,556 shares in the company, valued at approximately $27,474,287.52. This trade represents a 0.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 4,007,748 shares of company stock worth $179,763,536 over the last three months. 3.83% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. CWM LLC raised its position in Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after buying an additional 352 shares during the period. Signaturefd LLC boosted its position in Kinetik by 101.5% during the 4th quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after acquiring an additional 404 shares during the period. Kestra Advisory Services LLC purchased a new position in Kinetik during the 4th quarter valued at about $33,000. Los Angeles Capital Management LLC purchased a new position in Kinetik during the 4th quarter valued at about $40,000. Finally, Huntington National Bank increased its holdings in shares of Kinetik by 139.1% in the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock valued at $44,000 after purchasing an additional 711 shares during the period. 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.