Kinetik (NYSE:KNTK) Downgraded by Zacks Research to Hold

Zacks Research downgraded shares of Kinetik (NYSE:KNTK) from a strong-buy rating to a hold rating in a research report report published on Tuesday,Zacks.com reports.

Several other research analysts also recently weighed in on the stock. Truist Financial lifted their target price on shares of Kinetik from $53.00 to $59.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Clear Str lowered shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. Jefferies Financial Group reiterated a “hold” rating and set a $51.00 price objective on shares of Kinetik in a research report on Friday, May 8th. Wells Fargo & Company reissued an “overweight” rating and set a $54.00 target price on shares of Kinetik in a research note on Monday, August 10th. Finally, Scotiabank restated an “outperform” rating and issued a $52.00 target price (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, Kinetik presently has an average rating of “Moderate Buy” and a consensus price target of $53.27.

Kinetik Trading Up 1.5%

Shares of KNTK opened at $55.05 on Tuesday. The business’s 50-day moving average price is $50.23 and its 200 day moving average price is $47.86. The stock has a market capitalization of $8.94 billion, a P/E ratio of 19.95, a P/E/G ratio of 1.34 and a beta of 0.56. Kinetik has a 1-year low of $31.33 and a 1-year high of $56.10.

Kinetik (NYSE:KNTK) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $421.48 million. During the same quarter in the previous year, the company earned $0.33 EPS. The business’s revenue for the quarter was up 36.3% compared to the same quarter last year. On average, research analysts predict that Kinetik will post 1.3 earnings per share for the current year.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $50.52, for a total value of $11,889,831.48. Following the transaction, the insider owned 1,691,370 shares in the company, valued at approximately $85,448,012.40. This represents a 12.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 1,012,809 shares of company stock worth $52,548,833 over the last quarter. Insiders own 3.56% of the company’s stock.

Hedge Funds Weigh In On Kinetik

A number of hedge funds have recently modified their holdings of KNTK. CWM LLC raised its holdings 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 acquiring an additional 352 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in Kinetik in the fourth quarter valued at about $33,000. Los Angeles Capital Management LLC purchased a new position in Kinetik in the fourth quarter valued at about $40,000. Huntington National Bank increased its position in Kinetik by 139.1% in the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $44,000 after purchasing an additional 711 shares during the last quarter. Finally, SBI Okasan Asset Management Co.Ltd. acquired a new position in Kinetik in the 4th quarter worth about $47,000. 21.11% of the stock is owned by institutional investors and hedge funds.

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.