Kinetik Holdings Inc. (NYSE:KNTK) Given Average Rating of “Moderate Buy” by Analysts

Kinetik Holdings Inc. (NYSE:KNTK) has been assigned a consensus recommendation of “Moderate Buy” from the fourteen ratings firms that are covering the company, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $48.9167.

A number of analysts have recently weighed in on the stock. Truist Financial started coverage on shares of Kinetik in a report on Tuesday, March 24th. They set a “buy” rating and a $53.00 target price for the company. Wells Fargo & Company raised Kinetik from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $47.00 to $52.00 in a research report on Wednesday, March 25th. Jefferies Financial Group reiterated a “hold” rating and issued a $51.00 price objective on shares of Kinetik in a report on Friday, May 8th. Citigroup reiterated a “buy” rating and issued a $52.00 price objective (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Finally, Wall Street Zen cut Kinetik from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 17th.

Kinetik Stock Down 1.6%

NYSE:KNTK opened at $45.91 on Friday. The firm has a market capitalization of $7.45 billion, a P/E ratio of 18.74, a P/E/G ratio of 1.91 and a beta of 0.61. The company has a fifty day moving average of $48.03 and a 200 day moving average of $42.03. Kinetik has a 52 week low of $31.33 and a 52 week high of $51.51.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The firm had revenue of $409.98 million during the quarter. During the same quarter in the previous year, the business posted $0.05 earnings per share. The firm’s revenue was down 7.5% on a year-over-year basis. As a group, analysts anticipate that Kinetik will post 0.78 EPS for the current year.

Insider Activity at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the firm’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $50.52, for a total value of $27,006,173.28. Following the completion of the sale, the insider directly owned 428,894 shares of the company’s stock, valued at approximately $21,667,724.88. This trade represents a 55.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Steven Stellato sold 2,907 shares of Kinetik stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total transaction of $136,396.44. Following the sale, the insider directly owned 393,382 shares in the company, valued at $18,457,483.44. The trade was a 0.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 1,078,855 shares of company stock worth $53,535,999. 3.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Kinetik

Institutional investors have recently bought and sold shares of the stock. Public Sector Pension Investment Board purchased a new position in shares of Kinetik during the 3rd quarter worth approximately $7,277,000. Principal Financial Group Inc. purchased a new position in shares of Kinetik in the 3rd quarter valued at approximately $9,017,000. Advisors Capital Management LLC boosted its position in shares of Kinetik by 4.3% during the third quarter. Advisors Capital Management LLC now owns 632,387 shares of the company’s stock valued at $27,028,000 after purchasing an additional 26,103 shares in the last quarter. SageView Advisory Group LLC bought a new stake in shares of Kinetik during the third quarter valued at approximately $1,606,000. Finally, Vanguard Group Inc. grew its stake in Kinetik by 9.4% in the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock worth $183,739,000 after purchasing an additional 439,586 shares during the period. 21.11% of the stock is owned by institutional investors.

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.