Kinetik (NYSE:KNTK) Sets New 12-Month Low – Here’s What Happened

Kinetik Holdings Inc. (NYSE:KNTK) shares hit a new 52-week low on Thursday . The company traded as low as $33.81 and last traded at $34.15, with a volume of 141699 shares trading hands. The stock had previously closed at $33.86.

Analysts Set New Price Targets

Several brokerages recently weighed in on KNTK. Mizuho set a $48.00 price target on Kinetik in a research note on Wednesday, October 29th. Wolfe Research reaffirmed an “outperform” rating and issued a $42.00 target price on shares of Kinetik in a research report on Friday, November 7th. Zacks Research raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 13th. Weiss Ratings restated a “hold (c)” rating on shares of Kinetik in a report on Wednesday, October 8th. Finally, Scotiabank set a $51.00 target price on shares of Kinetik and gave the company a “sector outperform” rating in a research note on Friday, October 17th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.90.

Kinetik Price Performance

The firm has a 50-day moving average of $39.78 and a 200-day moving average of $41.70. The stock has a market cap of $5.49 billion, a PE ratio of 80.71, a PEG ratio of 1.91 and a beta of 3.07.

Kinetik (NYSE:KNTK) last posted its earnings results on Wednesday, November 5th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.20). Kinetik had a negative return on equity of 5.74% and a net margin of 6.70%.The business had revenue of $463.97 million during the quarter, compared to the consensus estimate of $604.57 million. During the same quarter last year, the firm earned $0.35 earnings per share. The business’s quarterly revenue was up 17.1% on a year-over-year basis.

Insider Buying and Selling at Kinetik

In other news, insider Jamie Welch acquired 8,000 shares of the firm’s stock in a transaction on Monday, November 10th. The stock was acquired at an average price of $34.57 per share, for a total transaction of $276,560.00. Following the completion of the transaction, the insider owned 3,687,791 shares in the company, valued at approximately $127,486,934.87. The trade was a 0.22% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Kinetik by 9.8% in the third quarter. Vanguard Group Inc. now owns 4,657,200 shares of the company’s stock valued at $199,049,000 after buying an additional 416,147 shares in the last quarter. Zimmer Partners LP purchased a new position in Kinetik in the 1st quarter valued at approximately $102,124,000. Westwood Holdings Group Inc. raised its stake in shares of Kinetik by 4.6% during the 2nd quarter. Westwood Holdings Group Inc. now owns 1,178,890 shares of the company’s stock worth $51,930,000 after buying an additional 52,058 shares during the last quarter. Chickasaw Capital Management LLC grew its stake in Kinetik by 63.9% in the 3rd quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company’s stock valued at $46,948,000 after acquiring an additional 428,103 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in shares of Kinetik by 26.9% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 988,400 shares of the company’s stock worth $42,244,000 after purchasing an additional 209,400 shares in the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.