Tudor Pickering Initiates Coverage on Kinetik (NYSE:KNTK)

Research analysts at Tudor Pickering started coverage on shares of Kinetik (NYSE:KNTK) in a research note issued on Monday. The brokerage set a “buy” rating and a $57.00 price target on the stock. Tudor Pickering’s price target indicates a potential upside of 13.55% from the company’s current price.

KNTK has been the subject of a number of other research reports. Citigroup reissued a “buy” rating and set a $52.00 price objective (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. US Capital Advisors raised Kinetik from a “moderate buy” rating to a “strong-buy” rating in a report on Friday, May 29th. Mizuho lifted their target price on Kinetik from $48.00 to $51.00 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. Zacks Research raised Kinetik from a “strong sell” rating to a “hold” rating in a report on Thursday, March 26th. Finally, Weiss Ratings upgraded Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $50.29.

Kinetik Stock Down 0.2%

Shares of NYSE:KNTK opened at $50.20 on Monday. The stock has a market capitalization of $8.15 billion, a PE ratio of 20.49, a price-to-earnings-growth ratio of 2.60 and a beta of 0.56. The firm’s 50 day moving average price is $48.11 and its 200-day moving average price is $45.24. Kinetik has a twelve month low of $31.33 and a twelve month high of $51.51.

Kinetik (NYSE:KNTK) last announced its earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.23). Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. The business had revenue of $409.98 million for the quarter. During the same period last year, the business earned $0.05 EPS. The company’s revenue for the quarter was down 7.5% compared to the same quarter last year. Analysts expect that Kinetik will post 0.62 earnings per share for the current fiscal year.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the stock in a transaction on 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 $21,667,724.88. This represents a 55.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 1,071,107 shares of company stock valued at $53,172,463 in the last three months. Corporate insiders own 3.56% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of KNTK. CWM LLC increased its stake in Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after buying an additional 352 shares in the last quarter. Signaturefd LLC grew its position in shares of Kinetik by 101.5% during the fourth 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 purchased a new stake in shares of Kinetik during the fourth quarter worth about $33,000. Los Angeles Capital Management LLC bought a new stake in Kinetik during the 4th quarter valued at approximately $40,000. Finally, Huntington National Bank raised its stake in Kinetik by 139.1% during 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.