Kinetik (NYSE:KNTK) Releases Earnings Results, Misses Estimates By $0.14 EPS

Kinetik (NYSE:KNTK) released its quarterly earnings results on Wednesday. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.14), Zacks reports. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. During the same quarter in the prior year, the business posted $0.03 earnings per share. The firm’s revenue for the quarter was up 22.7% compared to the same quarter last year.

Kinetik Price Performance

KNTK stock traded up $0.42 on Thursday, reaching $51.59. 271,395 shares of the company were exchanged, compared to its average volume of 1,174,643. The firm has a market capitalization of $8.38 billion, a PE ratio of 18.73, a PEG ratio of 1.21 and a beta of 0.67. Kinetik has a 12 month low of $31.33 and a 12 month high of $58.90. The stock’s fifty day moving average price is $54.07 and its 200 day moving average price is $48.86.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 14,889 shares of the firm’s stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $55.07, for a total value of $819,937.23. Following the sale, the insider directly owned 961,114 shares in the company, valued at $52,928,547.98. This trade represents a 1.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last ninety days, insiders have sold 3,732,995 shares of company stock valued at $202,143,678. 3.56% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on KNTK shares. The Goldman Sachs Group reiterated a “buy” rating and issued a $58.00 target price on shares of Kinetik in a research note on Wednesday, October 14th. Tudor Pickering began coverage on shares of Kinetik in a report on Monday, July 20th. They issued a “buy” rating and a $57.00 target price on the stock. Zacks Research lowered shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 30th. Weiss Ratings upgraded shares of Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Finally, Scotiabank reaffirmed an “outperform” rating and issued a $59.00 price target on shares of Kinetik in a research report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.47.

About Kinetik

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.