Kinetik (NASDAQ:KNTK) Raised to “Buy” at Citigroup

Kinetik (NASDAQ:KNTK) was upgraded by investment analysts at Citigroup from a “neutral” rating to a “buy” rating in a report issued on Tuesday, Marketbeat Ratings reports. The brokerage currently has a $55.00 price objective on the stock, down from their prior price objective of $58.00. Citigroup’s target price indicates a potential upside of 23.83% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. UBS Group started coverage on Kinetik in a report on Tuesday, April 29th. They issued a “neutral” rating and a $49.00 target price on the stock. Wells Fargo & Company decreased their price objective on Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. US Capital Advisors upgraded Kinetik from a “hold” rating to a “moderate buy” rating in a research note on Monday, April 7th. Royal Bank of Canada reduced their target price on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Finally, Scotiabank lowered their price target on shares of Kinetik from $57.00 to $54.00 and set a “sector outperform” rating on the stock in a report on Monday, May 12th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $57.11.

Kinetik Stock Down 3.9%

NASDAQ KNTK opened at $44.42 on Tuesday. The company has a 50-day moving average price of $45.76 and a 200-day moving average price of $54.25. Kinetik has a 52 week low of $37.85 and a 52 week high of $67.60. The firm has a market capitalization of $7.01 billion, a P/E ratio of 16.39, a PEG ratio of 1.52 and a beta of 3.03.

Kinetik (NASDAQ:KNTK) last announced its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.24). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The business had revenue of $443.26 million for the quarter, compared to the consensus estimate of $466.54 million. During the same quarter last year, the firm posted $0.12 earnings per share. The business’s quarterly revenue was up 29.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Kinetik will post 1.96 EPS for the current year.

Insider Transactions at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total value of $219,873,736.53. Following the sale, the insider now directly owns 1,044,520 shares of the company’s stock, valued at approximately $58,106,647.60. The trade was a 79.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.83% of the company’s stock.

Institutional Trading of Kinetik

A number of large investors have recently added to or reduced their stakes in the company. Comerica Bank grew its holdings in shares of Kinetik by 32.2% in the fourth quarter. Comerica Bank now owns 800 shares of the company’s stock valued at $45,000 after purchasing an additional 195 shares in the last quarter. Private Advisor Group LLC lifted its position in Kinetik by 5.3% during the fourth quarter. Private Advisor Group LLC now owns 8,859 shares of the company’s stock valued at $502,000 after purchasing an additional 448 shares during the last quarter. Fifth Third Bancorp purchased a new position in shares of Kinetik in the 4th quarter worth $26,000. Canton Hathaway LLC purchased a new position in shares of Kinetik in the 4th quarter worth $28,000. Finally, Swiss National Bank increased its holdings in shares of Kinetik by 0.7% in the 4th quarter. Swiss National Bank now owns 76,300 shares of the company’s stock worth $4,327,000 after buying an additional 500 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.