Kinetik (NYSE:KNTK) Upgraded at Zacks Research

Zacks Research upgraded shares of Kinetik (NYSE:KNTK) from a strong sell rating to a hold rating in a research report sent to investors on Thursday morning,Zacks.com reports.

Other analysts also recently issued research reports about the stock. Wolfe Research downgraded shares of Kinetik from an “outperform” rating to a “peer perform” rating in a report on Tuesday, January 27th. UBS Group decreased their price objective on Kinetik from $49.00 to $48.00 and set a “neutral” rating on the stock in a report on Monday, March 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a research report on Thursday, January 22nd. Royal Bank Of Canada raised their target price on Kinetik from $46.00 to $49.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 10th. Finally, Scotiabank lifted their target price on Kinetik from $49.00 to $51.00 and gave the company a “sector outperform” rating in a research report on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Kinetik presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.25.

Kinetik Stock Performance

Shares of KNTK stock opened at $48.64 on Thursday. Kinetik has a twelve month low of $31.33 and a twelve month high of $54.15. The company’s 50-day moving average price is $43.49 and its 200-day moving average price is $39.56. The stock has a market cap of $7.89 billion, a price-to-earnings ratio of 18.93, a PEG ratio of 1.64 and a beta of 0.70.

Kinetik (NYSE:KNTK) last released its quarterly earnings data on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $2.01. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The firm had revenue of $430.42 million during the quarter. During the same quarter in the previous year, the business posted $0.01 earnings per share. Kinetik’s revenue for the quarter was up 11.5% on a year-over-year basis.

Insider Activity at Kinetik

In other news, insider Trevor Howard sold 1,619 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $75,963.48. Following the transaction, the insider directly owned 249,795 shares in the company, valued at approximately $11,720,381.40. This represents a 0.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Matthew Wall sold 3,222 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $151,176.24. Following the transaction, the insider directly owned 585,556 shares of the company’s stock, valued at $27,474,287.52. The trade was a 0.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 4,015,831 shares of company stock valued at $180,054,928 over the last 90 days. Insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. CWM LLC raised 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 lifted its stake in Kinetik by 101.5% during the 4th quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after acquiring an additional 404 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in Kinetik during the 4th quarter valued at about $33,000. Los Angeles Capital Management LLC purchased a new position in Kinetik during the 4th quarter valued at about $40,000. Finally, Huntington National Bank grew its position in Kinetik by 139.1% in the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock valued at $44,000 after acquiring an additional 711 shares in the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

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.