Kinetik (NYSE:KNTK) Stock Rating Lowered by Zacks Research

Kinetik (NYSE:KNTK) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday,Zacks.com reports.

KNTK has been the subject of a number of other reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a report on Wednesday, October 8th. Citigroup lowered their price objective on shares of Kinetik from $55.00 to $46.00 and set a “buy” rating on the stock in a research note on Friday, November 21st. Mizuho set a $48.00 target price on shares of Kinetik in a research note on Wednesday, October 29th. Scotiabank reduced their price target on shares of Kinetik from $51.00 to $45.00 and set a “sector outperform” rating for the company in a report on Thursday, November 13th. Finally, Wolfe Research restated an “outperform” rating and issued a $42.00 price target on shares of Kinetik in a research report on Friday, November 7th. Nine analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Kinetik currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.17.

Kinetik Price Performance

KNTK stock opened at $36.00 on Monday. Kinetik has a 52-week low of $31.33 and a 52-week high of $67.60. The company has a 50-day moving average of $35.27 and a two-hundred day moving average of $39.27. The stock has a market capitalization of $5.82 billion, a price-to-earnings ratio of 85.71, a price-to-earnings-growth ratio of 0.67 and a beta of 0.73.

Kinetik (NYSE:KNTK) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.03 EPS 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 in the previous year, the firm posted $0.35 earnings per share. The company’s revenue for the quarter was up 17.1% on a year-over-year basis.

Insider Activity at Kinetik

In related news, insider Jamie Welch purchased 8,000 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The shares were acquired at an average price of $34.57 per share, with a total value of $276,560.00. Following the purchase, the insider directly owned 3,687,791 shares in the company, valued at $127,486,934.87. This represents a 0.22% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Matthew Wall sold 8,083 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $36.05, for a total value of $291,392.15. Following the transaction, the insider owned 554,738 shares of the company’s stock, valued at $19,998,304.90. This represents a 1.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Aster Capital Management DIFC Ltd acquired a new stake in Kinetik during the 3rd quarter valued at $54,000. Chung Wu Investment Group LLC bought a new stake in Kinetik during the 2nd quarter worth about $56,000. Advisory Services Network LLC bought a new stake in Kinetik during the 3rd quarter worth about $55,000. Comerica Bank increased its position in Kinetik by 91.5% in the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after acquiring an additional 732 shares in the last quarter. Finally, Fifth Third Bancorp raised its stake in shares of Kinetik by 269.2% in the third quarter. Fifth Third Bancorp now owns 1,569 shares of the company’s stock worth $67,000 after acquiring an additional 1,144 shares during the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

About Kinetik

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.