Kinetik (NYSE:KNTK) Now Covered by Analysts at Tudor Pickering

Tudor Pickering began coverage on shares of Kinetik (NYSE:KNTK) in a research note released on Monday, MarketBeat reports. The firm issued a buy rating and a $57.00 price objective on the stock.

KNTK has been the topic of several other reports. Royal Bank Of Canada increased their price objective on shares of Kinetik from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Friday, June 5th. Wall Street Zen lowered shares of Kinetik from a “sell” rating to a “strong sell” rating in a report on Sunday, May 17th. Barclays set a $50.00 target price on shares of Kinetik and gave the company an “equal weight” rating in a research report on Thursday, May 14th. JPMorgan Chase & Co. increased their price target on Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. Finally, US Capital Advisors upgraded Kinetik from a “moderate buy” rating to a “strong-buy” rating in a research report on Friday, May 29th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $50.29.

Kinetik Trading Up 1.7%

Shares of NYSE:KNTK opened at $51.11 on Monday. The stock has a market capitalization of $8.30 billion, a P/E ratio of 20.86, a P/E/G ratio of 2.60 and a beta of 0.56. Kinetik has a 1-year low of $31.33 and a 1-year high of $51.51. The business has a 50-day moving average price of $48.17 and a two-hundred day moving average price of $45.35.

Kinetik (NYSE:KNTK) last released its earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). The business had revenue of $409.98 million for the quarter. Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. The company’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.05 EPS. As a group, equities analysts predict that Kinetik will post 0.62 EPS for the current year.

Insider Buying and Selling at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 428,894 shares in the company, valued at $21,667,724.88. This trade represents a 55.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders have sold 1,071,107 shares of company stock valued at $53,172,463. Company insiders own 3.56% of the company’s stock.

Institutional Investors Weigh In On Kinetik

Several hedge funds have recently bought and sold shares of KNTK. CWM LLC grew its holdings in shares of Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after buying an additional 352 shares during the period. Signaturefd LLC increased its position in shares of Kinetik by 101.5% in the 4th quarter. Signaturefd LLC now owns 802 shares of the company’s stock valued at $29,000 after buying an additional 404 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Kinetik in the 4th quarter valued at $33,000. Los Angeles Capital Management LLC acquired a new stake in Kinetik during the 4th quarter worth $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 worth $44,000 after buying an additional 711 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Company Profile

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.