Kinetik (NYSE:KNTK) Stock Rating Raised to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Kinetik (NYSE:KNTK) from a hold rating to a strong-buy rating in a research note published on Wednesday morning,Zacks reports.

Other research analysts have also recently issued research reports about the company. Scotiabank reaffirmed an “outperform” rating and set a $58.00 target price (up from $52.00) on shares of Kinetik in a research note on Thursday, September 10th. Tudor Pickering started coverage on shares of Kinetik in a research report on Monday, July 20th. They issued a “buy” rating and a $57.00 price target on the stock. Citigroup reissued a “buy” rating and issued a $55.00 price target (up from $52.00) on shares of Kinetik in a report on Tuesday, August 11th. Morgan Stanley restated an “overweight” rating and set a $70.00 price objective (up from $64.00) on shares of Kinetik in a research report on Tuesday, August 18th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and issued a $54.00 price objective on shares of Kinetik in a research note on Monday, August 10th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Kinetik has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Kinetik Price Performance

Shares of NYSE:KNTK opened at $52.29 on Wednesday. The stock has a market cap of $8.49 billion, a price-to-earnings ratio of 18.95, a PEG ratio of 1.29 and a beta of 0.57. Kinetik has a 12 month low of $31.33 and a 12 month high of $56.92. The stock’s 50 day moving average price is $52.62 and its 200 day moving average price is $49.36.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.45. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The firm had revenue of $581.44 million during the quarter, compared to analyst estimates of $421.48 million. During the same period last year, the company posted $0.33 EPS. The firm’s quarterly revenue was up 36.3% on a year-over-year basis. On average, sell-side analysts expect that Kinetik will post 1.3 EPS for the current year.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 24,194 shares of the stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $53.55, for a total value of $1,295,588.70. Following the completion of the transaction, the insider owned 384,142 shares in the company, valued at $20,570,804.10. This trade represents a 5.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 1,547,491 shares of company stock worth $81,648,682 over the last three months. Corporate insiders own 3.56% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Allworth Financial LP lifted its position in Kinetik by 72.4% during the 2nd quarter. Allworth Financial LP now owns 569 shares of the company’s stock worth $28,000 after acquiring an additional 239 shares during the last quarter. GAMMA Investing LLC grew its holdings in Kinetik by 10.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock valued at $139,000 after buying an additional 273 shares during the last quarter. ProShare Advisors LLC increased its position in Kinetik by 3.5% in the 4th quarter. ProShare Advisors LLC now owns 8,633 shares of the company’s stock worth $311,000 after buying an additional 294 shares during the period. Essex Financial Services Inc. lifted its holdings in shares of Kinetik by 2.8% during the first quarter. Essex Financial Services Inc. now owns 19,057 shares of the company’s stock worth $923,000 after buying an additional 515 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Kinetik by 0.5% in the fourth quarter. Legal & General Group Plc now owns 117,720 shares of the company’s stock worth $4,244,000 after acquiring an additional 610 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Company Profile

Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides gathering, processing, transportation and logistics services for oil and natural gas producers. The company’s operations are focused primarily on the Delaware Basin, a major producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik’s services include natural gas gathering and processing, natural gas liquids transportation and handling, crude oil logistics, and long-haul natural gas transportation.