Kinetik (NYSE:KNTK) Posts Earnings Results

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

Kinetik Price Performance

NYSE:KNTK traded up $0.06 during trading hours on Friday, reaching $48.56. The company had a trading volume of 272,238 shares, compared to its average volume of 1,286,616. The business’s 50 day moving average price is $46.84 and its 200-day moving average price is $40.77. Kinetik has a 1-year low of $31.33 and a 1-year high of $51.11. The firm has a market cap of $7.87 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 1.51 and a beta of 0.61.

Insider Activity

In related news, insider Trevor Howard sold 1,619 shares of Kinetik stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $75,963.48. Following the sale, the insider owned 249,795 shares of the company’s stock, valued at approximately $11,720,381.40. This trade represents a 0.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Stellato sold 2,907 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $136,396.44. Following the sale, the insider directly owned 393,382 shares of the company’s stock, valued at $18,457,483.44. This represents a 0.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 5,078,855 shares of company stock valued at $232,935,999. Insiders own 3.56% of the company’s stock.

Institutional Investors Weigh In On Kinetik

A number of hedge funds have recently modified their holdings of the business. Zimmer Partners LP purchased a new stake in Kinetik during the 4th quarter valued at about $98,611,000. Wellington Management Group LLP boosted its holdings in shares of Kinetik by 149.6% during the 4th quarter. Wellington Management Group LLP now owns 1,608,403 shares of the company’s stock worth $57,983,000 after purchasing an additional 964,130 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Kinetik in the second quarter valued at approximately $22,025,000. Invesco Ltd. boosted its stake in Kinetik by 40.2% during the third quarter. Invesco Ltd. now owns 1,449,965 shares of the company’s stock worth $61,972,000 after buying an additional 415,505 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Kinetik by 109.7% during the 2nd quarter. Bank of America Corp DE now owns 776,306 shares of the company’s stock worth $34,196,000 after acquiring an additional 406,160 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have commented on KNTK. Wall Street Zen upgraded shares of Kinetik from a “sell” rating to a “hold” rating in a research note on Sunday, April 26th. Wolfe Research lowered Kinetik from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, January 27th. Barclays boosted their price objective on Kinetik from $44.00 to $46.00 and gave the company an “equal weight” rating in a research report on Friday, April 10th. Scotiabank lifted their target price on Kinetik from $49.00 to $51.00 and gave the company a “sector outperform” rating in a research note on Tuesday, March 17th. Finally, Mizuho upped their price target on Kinetik from $48.00 to $51.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 28th. One research 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 stock. Based on data from MarketBeat.com, Kinetik presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.42.

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.