Brokerages Set Kinetik Holdings Inc. (NYSE:KNTK) PT at $49.17

Shares of Kinetik Holdings Inc. (NYSE:KNTK) have been assigned an average recommendation of “Moderate Buy” from the sixteen analysts that are covering the company, MarketBeat.com reports. Six analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $49.7692.

KNTK has been the topic of a number of research analyst reports. 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. JPMorgan Chase & Co. raised their price objective on Kinetik from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Scotiabank restated an “outperform” rating and issued a $52.00 price objective (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Weiss Ratings raised shares of Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, July 6th. Finally, Mizuho increased their target price on shares of Kinetik from $48.00 to $51.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 28th.

Kinetik Stock Performance

KNTK stock opened at $50.20 on Friday. The firm has a market cap of $8.15 billion, a PE ratio of 20.49, a PEG ratio of 2.60 and a beta of 0.56. The firm’s 50 day moving average price is $48.11 and its 200-day moving average price is $45.17. Kinetik has a one year low of $31.33 and a one year high of $51.51.

Kinetik (NYSE:KNTK) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). The business had revenue of $409.98 million during the quarter. Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. The business’s revenue was down 7.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.05 EPS. Equities research analysts predict that Kinetik will post 0.62 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $50.52, for a total value of $27,006,173.28. Following the transaction, the insider directly owned 428,894 shares in the company, valued at approximately $21,667,724.88. This represents a 55.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 1,071,107 shares of company stock valued at $53,172,463. 3.56% of the stock is currently owned by insiders.

Institutional Trading of Kinetik

A number of institutional investors and hedge funds have recently added to or reduced their stakes in KNTK. CWM LLC boosted its position in shares of Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after buying an additional 352 shares during the period. Signaturefd LLC raised its holdings in shares of Kinetik by 101.5% in the 4th quarter. Signaturefd LLC now owns 802 shares of the company’s stock valued at $29,000 after buying an additional 404 shares during the period. Kestra Advisory Services LLC acquired a new position in Kinetik during the 4th quarter worth about $33,000. Los Angeles Capital Management LLC acquired a new position in Kinetik during the 4th quarter worth about $40,000. Finally, Huntington National Bank boosted its holdings in Kinetik by 139.1% during the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock valued at $44,000 after acquiring an additional 711 shares during the period. Hedge funds and other institutional investors own 21.11% of the company’s stock.

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.