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

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

A number of other brokerages also recently commented on KNTK. Weiss Ratings reissued a “hold (c)” rating on shares of Kinetik in a research report on Thursday, January 22nd. Jefferies Financial Group cut shares of Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price target for the company. in a report on Friday, February 6th. Wolfe Research downgraded shares of Kinetik from an “outperform” rating to a “peer perform” rating in a report on Tuesday, January 27th. Royal Bank Of Canada cut their target price on shares of Kinetik from $52.00 to $46.00 and set an “outperform” rating for the company in a research report on Wednesday, November 19th. Finally, The Goldman Sachs Group decreased their price objective on Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, November 17th. Six investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $44.73.

Kinetik Stock Performance

Shares of KNTK opened at $45.45 on Friday. The stock has a 50 day moving average price of $39.56 and a 200 day moving average price of $38.90. The stock has a market capitalization of $7.34 billion, a price-to-earnings ratio of 17.68, a PEG ratio of 1.15 and a beta of 0.73. Kinetik has a one year low of $31.33 and a one year high of $59.74.

Kinetik (NYSE:KNTK) last released its quarterly earnings data on Thursday, February 26th. The company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $2.01. The company had revenue of $430.42 million for the quarter. Kinetik had a negative return on equity of 26.88% and a net margin of 29.23%.The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period last year, the firm posted $0.01 EPS.

Insider Activity at Kinetik

In related news, insider Matthew Wall sold 8,083 shares of Kinetik stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $36.05, for a total value of $291,392.15. Following the transaction, the insider owned 554,738 shares of the company’s stock, valued at approximately $19,998,304.90. This trade represents a 1.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of KNTK. Vanguard Group Inc. raised its holdings in Kinetik by 9.4% in the 4th quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock valued at $183,739,000 after acquiring an additional 439,586 shares in the last quarter. Zimmer Partners LP bought a new position in Kinetik in the fourth quarter valued at about $98,611,000. Cohen & Steers Inc. boosted its position in shares of Kinetik by 82.5% in the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after purchasing an additional 833,224 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in shares of Kinetik by 86.5% during the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company’s stock worth $66,455,000 after buying an additional 855,000 shares during the period. Finally, Invesco Ltd. raised its holdings in Kinetik by 22.4% in the fourth quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock worth $63,997,000 after purchasing an additional 325,251 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.