Kinetik (NYSE:KNTK) Upgraded at Wall Street Zen

Kinetik (NYSE:KNTK) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

KNTK has been the topic of several other reports. Zacks Research upgraded Kinetik from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 13th. Barclays lowered their target price on shares of Kinetik from $49.00 to $43.00 and set an “equal weight” rating for the company in a report on Monday, July 14th. Citigroup restated a “buy” rating on shares of Kinetik in a report on Tuesday, June 10th. Scotiabank reiterated an “outperform” rating on shares of Kinetik in a research note on Monday, September 8th. Finally, Royal Bank Of Canada cut their target price on Kinetik from $57.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, May 30th. Six research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $54.67.

Kinetik Stock Performance

KNTK stock opened at $43.07 on Friday. The business has a 50-day simple moving average of $41.86 and a two-hundred day simple moving average of $44.23. The company has a market capitalization of $6.97 billion, a P/E ratio of 58.20, a price-to-earnings-growth ratio of 1.09 and a beta of 3.16. Kinetik has a 52-week low of $39.25 and a 52-week high of $67.60.

Kinetik (NYSE:KNTK) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.During the same period in the prior year, the firm earned $0.54 earnings per share. The company’s revenue for the quarter was up 18.7% on a year-over-year basis.

Institutional Investors Weigh In On Kinetik

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KNTK. Millennium Management LLC lifted its holdings in Kinetik by 97.6% during the fourth quarter. Millennium Management LLC now owns 70,227 shares of the company’s stock valued at $3,983,000 after purchasing an additional 34,679 shares during the last quarter. Nuveen Asset Management LLC raised its position in shares of Kinetik by 80.3% in the fourth quarter. Nuveen Asset Management LLC now owns 139,952 shares of the company’s stock valued at $7,937,000 after purchasing an additional 62,323 shares during the period. ProShare Advisors LLC lifted its stake in shares of Kinetik by 49.1% during the 4th quarter. ProShare Advisors LLC now owns 10,775 shares of the company’s stock valued at $611,000 after buying an additional 3,546 shares in the last quarter. Voloridge Investment Management LLC lifted its stake in shares of Kinetik by 124.8% during the 4th quarter. Voloridge Investment Management LLC now owns 140,717 shares of the company’s stock valued at $7,980,000 after buying an additional 78,113 shares in the last quarter. Finally, Wolverine Trading LLC boosted its holdings in Kinetik by 122.2% in the 4th quarter. Wolverine Trading LLC now owns 10,889 shares of the company’s stock worth $616,000 after buying an additional 5,989 shares during the period. 21.11% of the stock is currently owned by institutional investors.

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.