Kinetik (NYSE:KNTK) Releases Quarterly Earnings Results, Beats Expectations By $0.45 EPS

Kinetik (NYSE:KNTK) issued its quarterly earnings results on Wednesday. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.45, Zacks reports. Kinetik had a net margin of 26.19% and a negative return on equity of 37.86%. The business had revenue of $581.44 million during the quarter, compared to analyst estimates of $421.48 million. During the same quarter last year, the business posted $0.33 earnings per share. Kinetik’s revenue for the quarter was up 36.3% compared to the same quarter last year.

Kinetik Stock Down 0.3%

NYSE KNTK traded down $0.16 on Friday, reaching $50.01. The company had a trading volume of 390,402 shares, compared to its average volume of 1,172,277. Kinetik has a 52 week low of $31.33 and a 52 week high of $52.54. The stock’s 50 day moving average is $48.25 and its 200-day moving average is $46.57. The stock has a market cap of $8.12 billion, a price-to-earnings ratio of 18.12, a PEG ratio of 1.91 and a beta of 0.56.

Institutional Trading of Kinetik

Institutional investors and hedge funds have recently modified their holdings of the stock. Kestra Advisory Services LLC bought a new position in shares of Kinetik during the fourth quarter worth $33,000. Los Angeles Capital Management LLC acquired a new stake in Kinetik in the 4th quarter valued at $40,000. Advisory Services Network LLC acquired a new position in shares of Kinetik during the 3rd quarter worth about $55,000. Comerica Bank grew its holdings in shares of Kinetik by 91.5% in the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after acquiring an additional 732 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Kinetik in the 3rd quarter valued at about $87,000. 21.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

KNTK has been the subject of several research reports. JPMorgan Chase & Co. lifted their target price on Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. Raymond James Financial reaffirmed an “outperform” rating and set a $55.00 price target on shares of Kinetik in a research note on Friday. Royal Bank Of Canada reiterated an “outperform” rating and issued a $56.00 price target on shares of Kinetik in a report on Tuesday, July 21st. Citigroup reissued a “buy” rating and set a $52.00 price objective (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Finally, Tudor Pickering assumed coverage on shares of Kinetik in a research note on Monday, July 20th. They set a “buy” rating and a $57.00 price target for the company. Three analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Kinetik has an average rating of “Moderate Buy” and an average target price of $52.07.

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.