Kinetik (NYSE:KNTK) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Kinetik (NYSE:KNTK) from a hold rating to a sell rating in a research note issued to investors on Saturday.

A number of other equities research analysts have also recently weighed in on the company. Wells Fargo & Company raised Kinetik from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $47.00 to $52.00 in a research note on Wednesday, March 25th. Citigroup lifted their price objective on Kinetik from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. Raymond James Financial set a $46.00 price objective on Kinetik in a research note on Monday, January 5th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $50.00 price objective (up from $49.00) on shares of Kinetik in a research note on Thursday. Finally, Scotiabank lifted 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 investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.08.

Kinetik Stock Down 0.2%

KNTK stock opened at $46.59 on Friday. The business has a fifty day moving average of $45.61 and a two-hundred day moving average of $39.91. The stock has a market cap of $7.55 billion, a price-to-earnings ratio of 18.13, a price-to-earnings-growth ratio of 1.53 and a beta of 0.66. Kinetik has a 52-week low of $31.33 and a 52-week high of $49.55.

Kinetik (NYSE:KNTK) last posted its earnings results 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 company had revenue of $430.42 million during the quarter. During the same period last year, the business earned $0.01 EPS. Kinetik’s revenue was up 11.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Kinetik will post 0.98 EPS for the current year.

Insider Buying and Selling

In related news, insider Matthew Wall sold 3,222 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $151,176.24. Following the completion of the transaction, the insider directly owned 585,556 shares of the company’s stock, valued at $27,474,287.52. The trade was a 0.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the business’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $44.85, for a total value of $179,400,000.00. Following the transaction, the insider directly owned 1 shares of the company’s stock, valued at $44.85. The trade was a 100.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 4,007,748 shares of company stock valued at $179,763,536. Company insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of KNTK. CWM LLC grew its stake in Kinetik by 89.8% during the 4th quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after purchasing an additional 352 shares in the last quarter. Signaturefd LLC grew its stake in Kinetik by 101.5% during the 4th quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after purchasing an additional 404 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in Kinetik during the 4th quarter worth $33,000. Los Angeles Capital Management LLC acquired a new position in Kinetik during the 4th quarter worth $40,000. Finally, Huntington National Bank grew its stake in Kinetik by 139.1% during the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $44,000 after purchasing an additional 711 shares in the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

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.