Kinetik (NYSE:KNTK) Issues Earnings Results, Misses Estimates By $0.23 EPS

Kinetik (NYSE:KNTK) issued its earnings results on Wednesday. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23), Zacks reports. Kinetik had a net margin of 28.58% and a negative return on equity of 38.92%. The business had revenue of $409.98 million during the quarter. During the same quarter in the previous year, the company posted $0.05 earnings per share. The business’s quarterly revenue was down 7.5% on a year-over-year basis.

Kinetik Stock Up 0.3%

Shares of KNTK stock traded up $0.14 during mid-day trading on Thursday, reaching $48.36. 1,768,103 shares of the stock traded hands, compared to its average volume of 1,080,208. The stock’s fifty day simple moving average is $46.84 and its two-hundred day simple moving average is $40.77. Kinetik has a 1-year low of $31.33 and a 1-year high of $51.11. The company has a market cap of $7.84 billion, a price-to-earnings ratio of 19.74, a price-to-earnings-growth ratio of 1.51 and a beta of 0.61.

Wall Street Analyst Weigh In

KNTK has been the topic of several research analyst reports. Zacks Research raised Kinetik from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 26th. Jefferies Financial Group reissued a “hold” rating and issued a $50.00 target price (up from $49.00) on shares of Kinetik in a report on Wednesday, April 15th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $50.00 price target (up from $49.00) on shares of Kinetik in a report on Thursday, April 16th. Wells Fargo & Company upgraded shares of Kinetik from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $47.00 to $52.00 in a research report on Wednesday, March 25th. Finally, Truist Financial initiated coverage on shares of Kinetik in a research note on Tuesday, March 24th. They issued a “buy” rating and a $53.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.33.

Insider Buying and Selling at Kinetik

In other Kinetik news, insider Matthew Wall sold 3,222 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $151,176.24. Following the completion of the transaction, the insider directly owned 585,556 shares in the company, valued at approximately $27,474,287.52. This represents a 0.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of Kinetik stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $44.85, for a total transaction of $179,400,000.00. Following the transaction, the insider owned 1 shares in the company, valued at approximately $44.85. This trade represents a 100.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 5,078,855 shares of company stock valued at $232,935,999. Insiders own 3.56% of the company’s stock.

Hedge Funds Weigh In On Kinetik

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Zimmer Partners LP acquired a new position in shares of Kinetik in the 4th quarter worth approximately $98,611,000. Invesco Ltd. grew its holdings in Kinetik by 22.4% during the 4th quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock worth $63,997,000 after acquiring an additional 325,251 shares during the period. State Street Corp grew its holdings in Kinetik by 5.1% during the 4th quarter. State Street Corp now owns 1,643,532 shares of the company’s stock worth $59,249,000 after acquiring an additional 79,474 shares during the period. Wellington Management Group LLP raised its position in shares of Kinetik by 149.6% in the 4th quarter. Wellington Management Group LLP now owns 1,608,403 shares of the company’s stock worth $57,983,000 after acquiring an additional 964,130 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Kinetik by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 1,049,603 shares of the company’s stock worth $37,845,000 after acquiring an additional 19,823 shares in the last quarter. 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.