Kinetik (NYSE:KNTK) Research Coverage Started at Tudor Pickering

Tudor Pickering assumed coverage on shares of Kinetik (NYSE:KNTK) in a research report report published on Monday morning, Marketbeat reports. The brokerage issued a buy rating and a $57.00 price target on the stock.

A number of other research analysts have also issued reports on the stock. Wells Fargo & Company upgraded shares of Kinetik from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $47.00 to $52.00 in a research report on Wednesday, March 25th. JPMorgan Chase & Co. lifted their price target on shares of Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Zacks Research upgraded Kinetik from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 26th. Barclays set a $50.00 price target on Kinetik and gave the stock an “equal weight” rating in a research report on Thursday, May 14th. Finally, Citigroup restated a “buy” rating and set a $52.00 price objective (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Two investment 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 data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $50.50.

Kinetik Stock Performance

Shares of Kinetik stock opened at $51.63 on Monday. The firm has a 50-day moving average of $48.25 and a 200-day moving average of $45.56. Kinetik has a 52-week low of $31.33 and a 52-week high of $52.09. The stock has a market cap of $8.38 billion, a PE ratio of 21.07, a PEG ratio of 2.41 and a beta of 0.56.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The business had revenue of $409.98 million for the quarter. During the same quarter last year, the company posted $0.05 earnings per share. The business’s revenue for the quarter was down 7.5% compared to the same quarter last year. Equities research analysts predict that Kinetik will post 0.68 earnings per share for the current fiscal year.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the firm’s stock in a transaction dated 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 transaction, the insider directly owned 428,894 shares of the company’s stock, valued at $21,667,724.88. This trade represents a 55.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 910,907 shares of company stock worth $45,458,843 in the last 90 days. Corporate insiders own 3.56% of the company’s stock.

Institutional Trading of Kinetik

Institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in Kinetik by 10.5% in the second quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock valued at $139,000 after acquiring an additional 273 shares during the last quarter. NewEdge Advisors LLC acquired a new position in Kinetik during the first quarter valued at approximately $1,981,000. Amundi lifted its stake in Kinetik by 48.7% during the first quarter. Amundi now owns 17,645 shares of the company’s stock worth $854,000 after purchasing an additional 5,775 shares during the last quarter. California State Teachers Retirement System lifted its stake in Kinetik by 31.0% during the first quarter. California State Teachers Retirement System now owns 58,667 shares of the company’s stock worth $2,840,000 after purchasing an additional 13,894 shares during the last quarter. Finally, Empowered Funds LLC acquired a new stake in shares of Kinetik in the 1st quarter valued at $1,432,000. Institutional investors own 21.11% of the company’s stock.

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.