Kinetik (NYSE:KNTK) Trading 10.9% Higher After Better-Than-Expected Earnings

Shares of Kinetik Holdings Inc. (NYSE:KNTK) were up 10.9% during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $48.37 and last traded at $48.27. Approximately 1,570,784 shares traded hands during mid-day trading, an increase of 16% from the average daily volume of 1,351,496 shares. The stock had previously closed at $43.51.

The company reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $2.01. Kinetik had a negative return on equity of 5.74% and a net margin of 6.70%.The firm had revenue of $430.42 million for the quarter. During the same quarter last year, the firm earned $0.01 earnings per share. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on KNTK. Jefferies Financial Group cut shares of Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price objective for the company. in a research note on Friday, February 6th. Zacks Research downgraded shares of Kinetik from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. Raymond James Financial set a $46.00 price target on Kinetik in a report on Monday, January 5th. Royal Bank Of Canada reduced their price objective on Kinetik from $52.00 to $46.00 and set an “outperform” rating for the company in a report on Wednesday, November 19th. Finally, Citigroup lowered their target price on Kinetik from $55.00 to $46.00 and set a “buy” rating on the stock in a report on Friday, November 21st. Six equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $46.00.

Insider Buying and Selling at Kinetik

In other news, insider Matthew Wall sold 8,083 shares of the business’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $36.05, for a total value of $291,392.15. Following the completion of the transaction, the insider directly owned 554,738 shares of the company’s stock, valued at $19,998,304.90. The trade was a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.83% of the stock is currently owned by company insiders.

Institutional Trading of Kinetik

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CWM LLC raised its stake in Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after purchasing an additional 352 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Kinetik by 101.5% during the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after buying an additional 404 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Kinetik in the fourth quarter valued at approximately $33,000. Los Angeles Capital Management LLC purchased a new position in shares of Kinetik during the fourth quarter valued at approximately $40,000. Finally, Huntington National Bank boosted its position in Kinetik by 139.1% during the fourth quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $44,000 after acquiring an additional 711 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Trading Up 8.0%

The stock has a market capitalization of $7.60 billion, a PE ratio of 111.93, a PEG ratio of 1.06 and a beta of 0.73. The company’s 50 day simple moving average is $39.32 and its 200 day simple moving average is $38.87.

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.