Kinetik (NYSE:KNTK) Stock Crosses Above 50-Day Moving Average Following Insider Selling

Kinetik Holdings Inc. (NYSE:KNTK)’s share price crossed above its fifty day moving average during trading on Tuesday following insider buying activity. The stock has a fifty day moving average of $54.13 and traded as high as $55.30. Kinetik shares last traded at $54.31, with a volume of 1,441,290 shares traded.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Raymond James Financial reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Kinetik in a research report on Tuesday, October 20th. Jefferies Financial Group reissued a “hold” rating and issued a $54.00 price objective (down from $56.00) on shares of Kinetik in a research note on Monday, October 19th. Tudor Pickering initiated coverage on Kinetik in a report on Monday, July 20th. They issued a “buy” rating and a $57.00 target price for the company. Wells Fargo & Company reaffirmed an “overweight” rating and set a $54.00 target price on shares of Kinetik in a research report on Monday, August 10th. Finally, Royal Bank Of Canada increased their price target on Kinetik from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $55.47.

Kinetik Price Performance

The stock’s fifty day simple moving average is $54.13 and its 200-day simple moving average is $48.79. The company has a market capitalization of $8.82 billion, a P/E ratio of 19.68, a PEG ratio of 1.19 and a beta of 0.67.

Kinetik (NYSE:KNTK) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.45. The business had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%. The firm’s revenue for the quarter was up 36.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 earnings per share. On average, research analysts predict that Kinetik Holdings Inc. will post 1.44 earnings per share for the current year.

Institutional Trading of Kinetik

Several hedge funds have recently added to or reduced their stakes in KNTK. Allworth Financial LP grew its holdings in Kinetik by 72.4% in the 2nd quarter. Allworth Financial LP now owns 569 shares of the company’s stock valued at $28,000 after buying an additional 239 shares during the last quarter. Pinnacle Wealth Planning Services Inc. lifted its holdings in shares of Kinetik by 5,693.8% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 927 shares of the company’s stock worth $47,000 after buying an additional 911 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Kinetik during the second quarter worth approximately $71,000. Signaturefd LLC boosted its position in shares of Kinetik by 21.3% in the third quarter. Signaturefd LLC now owns 1,714 shares of the company’s stock valued at $86,000 after acquiring an additional 301 shares during the period. Finally, Covestor Ltd boosted its position in shares of Kinetik by 13,233.3% in the third quarter. Covestor Ltd now owns 2,000 shares of the company’s stock valued at $100,000 after acquiring an additional 1,985 shares during the period. Institutional investors own 21.11% of the company’s stock.

Kinetik Company Profile

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company’s assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.