Kinetik (NYSE:KNTK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Kinetik (NYSE:KNTK) from a strong sell rating to a hold rating in a report published on Saturday morning.

Several other equities research analysts also recently issued reports on KNTK. Morgan Stanley set a $64.00 price target on Kinetik and gave the stock an “overweight” rating in a report on Wednesday, July 29th. JPMorgan Chase & Co. boosted their price objective on Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Royal Bank Of Canada restated an “outperform” rating and set a $56.00 target price on shares of Kinetik in a report on Tuesday, July 21st. Zacks Research raised shares of Kinetik from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $51.00 price target on shares of Kinetik in a report on Friday, May 8th. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Kinetik has an average rating of “Moderate Buy” and an average price target of $52.20.

Kinetik Stock Up 4.2%

Shares of KNTK stock opened at $51.26 on Friday. Kinetik has a 12-month low of $31.33 and a 12-month high of $52.54. The firm has a fifty day moving average of $48.43 and a 200-day moving average of $46.73. The firm has a market capitalization of $8.32 billion, a price-to-earnings ratio of 18.57, a price-to-earnings-growth ratio of 1.94 and a beta of 0.56.

Kinetik (NYSE:KNTK) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.19 by $0.45. The business had revenue of $581.44 million for the quarter, compared to the consensus estimate of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The firm’s revenue was up 36.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.33 EPS. Research analysts expect that Kinetik will post 0.81 earnings per share for the current year.

Insider Activity

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of Kinetik stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $50.52, for a total value of $11,889,831.48. Following the sale, the insider owned 1,691,370 shares of the company’s stock, valued at approximately $85,448,012.40. This trade represents a 12.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 264,074 shares of company stock worth $13,332,540 in the last ninety days. 3.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Kinetik

Several hedge funds have recently made changes to their positions in KNTK. Comerica Bank grew its position in Kinetik by 91.5% in the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after purchasing an additional 732 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Kinetik by 4.2% during the 1st quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock worth $670,000 after buying an additional 522 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Kinetik by 88.7% during the 1st quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock worth $6,884,000 after buying an additional 62,306 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Kinetik by 27.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock worth $4,131,000 after buying an additional 17,034 shares during the last quarter. Finally, Intech Investment Management LLC grew its holdings in shares of Kinetik by 14.3% in the 1st quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock valued at $1,149,000 after acquiring an additional 2,766 shares in the last quarter. 21.11% of the stock is owned by institutional investors.

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.