Kinetik (NYSE:KNTK) Announces Quarterly Earnings Results, Beats Estimates By $0.45 EPS

Kinetik (NYSE:KNTK) announced its quarterly earnings data on Wednesday. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.45, Zacks reports. Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. During the same period in the previous year, the firm earned $0.33 EPS. The company’s revenue was up 36.3% compared to the same quarter last year.

Kinetik Stock Performance

NYSE:KNTK traded down $0.42 on Wednesday, reaching $48.26. The company’s stock had a trading volume of 969,946 shares, compared to its average volume of 869,552. Kinetik has a 1-year low of $31.33 and a 1-year high of $52.54. The business’s 50-day moving average price is $48.18 and its two-hundred day moving average price is $46.49. The firm has a market cap of $7.84 billion, a PE ratio of 18.37, a PEG ratio of 1.92 and a beta of 0.56.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of KNTK. Zimmer Partners LP acquired a new position in shares of Kinetik in the fourth quarter valued at approximately $98,611,000. Wellington Management Group LLP raised its position in Kinetik by 149.6% in the 4th quarter. Wellington Management Group LLP now owns 1,608,403 shares of the company’s stock valued at $57,983,000 after buying an additional 964,130 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in Kinetik in the 2nd quarter valued at approximately $22,025,000. Invesco Ltd. boosted its position in Kinetik by 40.2% during the 3rd quarter. Invesco Ltd. now owns 1,449,965 shares of the company’s stock worth $61,972,000 after acquiring an additional 415,505 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Kinetik by 109.7% during the 2nd quarter. Bank of America Corp DE now owns 776,306 shares of the company’s stock worth $34,196,000 after acquiring an additional 406,160 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on KNTK shares. Wall Street Zen downgraded Kinetik from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 17th. Mizuho raised their target price on Kinetik from $48.00 to $51.00 and gave the stock an “outperform” rating in a report on Tuesday, April 28th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $51.00 price target on shares of Kinetik in a research note on Friday, May 8th. Citigroup reiterated a “buy” rating and issued a $52.00 price target (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $51.40.

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.