Kinetik (NYSE:KNTK) Raised to “Strong-Buy” at Zacks Research

Kinetik (NYSE:KNTK) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

Other equities research analysts also recently issued reports about the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $56.00 price objective on shares of Kinetik in a report on Tuesday, July 21st. Scotiabank reiterated an “outperform” rating and issued a $52.00 target price (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Weiss Ratings upgraded shares of Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 6th. Mizuho boosted their price target on shares of Kinetik from $48.00 to $51.00 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. Finally, Citigroup restated a “buy” rating and set a $52.00 price target (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Three research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.50.

Kinetik Price Performance

Shares of KNTK opened at $49.44 on Monday. Kinetik has a 1 year low of $31.33 and a 1 year high of $52.54. The stock’s fifty day moving average price is $48.19 and its two-hundred day moving average price is $45.96. The firm has a market cap of $8.03 billion, a PE ratio of 20.18, a PEG ratio of 1.93 and a beta of 0.56.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.23). Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The firm had revenue of $409.98 million for the quarter. During the same period last year, the firm earned $0.05 EPS. The business’s revenue for the quarter was down 7.5% compared to the same quarter last year. Sell-side analysts anticipate that Kinetik will post 0.81 earnings per share for the current fiscal year.

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the business’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $50.52, for a total transaction of $27,006,173.28. Following the completion of the transaction, the insider directly owned 428,894 shares in the company, valued at $21,667,724.88. The trade was a 55.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.56% of the company’s stock.

Institutional Trading of Kinetik

Several institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC boosted its position in shares of Kinetik by 10.5% during the 2nd 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. ProShare Advisors LLC increased its position in shares of Kinetik by 3.5% in the fourth quarter. ProShare Advisors LLC now owns 8,633 shares of the company’s stock worth $311,000 after purchasing an additional 294 shares during the last quarter. Maryland State Retirement & Pension System increased its position in shares of Kinetik by 5.4% in the fourth quarter. Maryland State Retirement & Pension System now owns 6,612 shares of the company’s stock worth $238,000 after purchasing an additional 337 shares during the last quarter. Federated Hermes Inc. raised its stake in Kinetik by 0.4% in the second quarter. Federated Hermes Inc. now owns 89,133 shares of the company’s stock valued at $3,926,000 after purchasing an additional 346 shares in the last quarter. Finally, CWM LLC raised its stake in Kinetik by 89.8% in the fourth quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after purchasing an additional 352 shares in the last quarter. Hedge funds and other 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.