Kinetik (NYSE:KNTK) Shares Gap Up – Time to Buy?

Kinetik Holdings Inc. (NYSE:KNTK) shares gapped up before the market opened on Thursday . The stock had previously closed at $44.54, but opened at $47.00. Kinetik shares last traded at $44.35, with a volume of 1,058,144 shares trading hands.

Analysts Set New Price Targets

KNTK has been the topic of several recent analyst reports. Raymond James Financial set a $46.00 price objective on shares of Kinetik in a report on Monday, January 5th. Mizuho set a $48.00 target price on Kinetik in a research report on Wednesday, October 29th. Jefferies Financial Group cut Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price target on the stock. in a research note on Friday, February 6th. Citigroup lowered their price target on Kinetik from $55.00 to $46.00 and set a “buy” rating for the company in a research report on Friday, November 21st. Finally, The Goldman Sachs Group cut their price objective on Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a report on Monday, November 17th. Six analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Kinetik presently has an average rating of “Hold” and a consensus target price of $46.00.

Kinetik Stock Up 2.1%

The stock has a market capitalization of $7.37 billion, a PE ratio of 108.67, a price-to-earnings-growth ratio of 1.09 and a beta of 0.73. The stock has a fifty day moving average of $38.48 and a 200-day moving average of $38.77.

Insiders Place Their Bets

In related news, insider Matthew Wall sold 8,083 shares of Kinetik stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $36.05, for a total value of $291,392.15. Following the completion of the transaction, the insider owned 554,738 shares in the company, valued at $19,998,304.90. The trade was a 1.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.83% of the stock is currently owned by company insiders.

Institutional Trading of Kinetik

A number of institutional investors have recently bought and sold shares of KNTK. Invesco Ltd. lifted its stake in Kinetik by 22.4% during 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 last quarter. Vident Advisory LLC grew its position in Kinetik by 0.8% in the 4th quarter. Vident Advisory LLC now owns 61,246 shares of the company’s stock valued at $2,208,000 after buying an additional 500 shares during the last quarter. Yaupon Capital Management LP acquired a new position in shares of Kinetik during the fourth quarter worth about $5,698,000. Zimmer Partners LP acquired a new position in Kinetik during the 4th quarter worth approximately $98,611,000. Finally, Virtus Investment Advisers LLC acquired a new position in Kinetik during the fourth quarter worth $170,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.