Kinetik (NASDAQ:KNTK) Rating Increased to Buy at Citigroup

Kinetik (NASDAQ:KNTK) was upgraded by investment analysts at Citigroup from a “neutral” rating to a “buy” rating in a note issued to investors on Tuesday, Marketbeat Ratings reports. The brokerage presently has a $55.00 price target on the stock, down from their previous price target of $58.00. Citigroup’s price objective would suggest a potential upside of 22.52% from the company’s previous close.

A number of other research analysts have also recently weighed in on the stock. Scotiabank dropped their target price on shares of Kinetik from $57.00 to $54.00 and set a “sector outperform” rating on the stock in a research note on Monday, May 12th. Barclays upped their price objective on Kinetik from $57.00 to $58.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 16th. Wells Fargo & Company decreased their target price on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. Royal Bank of Canada lowered their target price on Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Finally, UBS Group started coverage on Kinetik in a research note on Tuesday, April 29th. They set a “neutral” rating and a $49.00 price target for the company. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Kinetik has a consensus rating of “Moderate Buy” and an average target price of $56.44.

Kinetik Trading Down 1.0%

KNTK stock opened at $44.89 on Tuesday. The stock has a market cap of $7.08 billion, a P/E ratio of 16.56, a P/E/G ratio of 1.52 and a beta of 3.03. The stock’s fifty day simple moving average is $46.04 and its two-hundred day simple moving average is $54.38. Kinetik has a 1-year low of $37.85 and a 1-year high of $67.60.

Kinetik (NASDAQ:KNTK) last released its earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.24). The business had revenue of $443.26 million for the quarter, compared to the consensus estimate of $466.54 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.12 earnings per share. As a group, analysts forecast that Kinetik will post 1.96 earnings per share for the current fiscal year.

Insider Activity at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total value of $219,873,736.53. Following the completion of the transaction, the insider now directly owns 1,044,520 shares in the company, valued at approximately $58,106,647.60. This trade represents a 79.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.83% of the stock is currently owned by corporate insiders.

Institutional Trading of Kinetik

Several institutional investors and hedge funds have recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Kinetik by 27.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock valued at $4,131,000 after purchasing an additional 17,034 shares during the period. Yaupon Capital Management LP bought a new stake in Kinetik during the first quarter valued at $10,388,000. Zimmer Partners LP purchased a new position in Kinetik during the first quarter worth about $102,124,000. Bell Investment Advisors Inc bought a new position in Kinetik in the 1st quarter worth about $41,000. Finally, Aristeia Capital L.L.C. raised its holdings in shares of Kinetik by 55.4% in the 1st quarter. Aristeia Capital L.L.C. now owns 6,544 shares of the company’s stock valued at $340,000 after acquiring an additional 2,332 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. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.