Kinetik (NYSE:KNTK) Upgraded to “Hold” at Wall Street Zen

Kinetik (NYSE:KNTK) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Monday.

A number of other research analysts have also issued reports on KNTK. Scotiabank boosted their target price on shares of Kinetik from $54.00 to $57.00 and gave the company a “sector outperform” rating in a research note on Thursday. Mizuho reduced their price target on shares of Kinetik from $70.00 to $61.00 and set an “outperform” rating for the company in a research note on Tuesday, May 20th. UBS Group began coverage on shares of Kinetik in a research note on Tuesday, April 29th. They issued a “neutral” rating and a $49.00 price target for the company. Royal Bank of Canada decreased their price target on Kinetik from $57.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, May 30th. Finally, US Capital Advisors raised Kinetik from a “hold” rating to a “moderate buy” rating in a research note on Monday, April 7th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $56.56.

Kinetik Stock Up 0.8%

Shares of NYSE:KNTK opened at $44.05 on Monday. Kinetik has a fifty-two week low of $37.85 and a fifty-two week high of $67.60. The firm has a 50-day simple moving average of $43.87 and a 200 day simple moving average of $53.25. The company has a market cap of $6.96 billion, a PE ratio of 46.37 and a beta of 3.05.

Kinetik (NYSE:KNTK) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.24). The company had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. The firm’s revenue was up 29.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.12 earnings per share.

Insider Activity

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the company’s stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the sale, the insider now owns 1 shares in the company, valued at approximately $44.16. This represents a 100.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Zimmer Partners LP acquired a new position in shares of Kinetik during the 1st quarter worth $102,124,000. Westwood Holdings Group Inc. increased its stake in shares of Kinetik by 78.3% during the 4th quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company’s stock worth $61,429,000 after purchasing an additional 475,606 shares during the last quarter. Pictet Asset Management Holding SA increased its stake in shares of Kinetik by 8,475.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company’s stock worth $24,442,000 after purchasing an additional 425,977 shares during the last quarter. HITE Hedge Asset Management LLC acquired a new position in shares of Kinetik during the 1st quarter worth $18,608,000. Finally, Prudential Financial Inc. increased its stake in shares of Kinetik by 391.1% during the 4th quarter. Prudential Financial Inc. now owns 392,343 shares of the company’s stock worth $22,250,000 after purchasing an additional 312,458 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.