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

Kinetik (NYSE:KNTK) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

Several other analysts have also weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. Mizuho increased their target price on shares of Kinetik from $48.00 to $51.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 28th. US Capital Advisors upgraded shares of Kinetik from a “moderate buy” rating to a “strong-buy” rating in a report on Friday, May 29th. Weiss Ratings raised shares of Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 6th. Finally, Barclays set a $50.00 price objective on shares of Kinetik and gave the company an “equal weight” rating in a report on Thursday, May 14th. Three investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $50.50.

Kinetik Price Performance

NYSE KNTK opened at $49.44 on Monday. The business has a 50 day simple moving average of $48.19 and a 200 day simple moving average of $45.96. Kinetik has a one year low of $31.33 and a one year high of $52.54. The stock has a market capitalization of $8.03 billion, a P/E ratio of 20.18, a P/E/G ratio of 1.93 and a beta of 0.56.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.23). Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. The business had revenue of $409.98 million during the quarter. During the same quarter in the previous year, the business posted $0.05 earnings per share. The business’s revenue for the quarter was down 7.5% on a year-over-year basis. Equities analysts expect that Kinetik will post 0.81 earnings per share for the current year.

Insider Activity at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $50.52, for a total transaction of $27,006,173.28. Following the transaction, the insider directly owned 428,894 shares of the company’s stock, valued at $21,667,724.88. This represents a 55.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.56% of the stock is currently owned by corporate insiders.

Institutional Trading of Kinetik

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Kinetik by 9.4% during the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock worth $183,739,000 after buying an additional 439,586 shares during the last quarter. Zimmer Partners LP bought a new position in shares of Kinetik in the fourth quarter valued at $98,611,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in shares of Kinetik by 1.7% during the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock valued at $90,720,000 after buying an additional 30,600 shares during the last quarter. Cohen & Steers Inc. grew its holdings in shares of Kinetik by 82.5% during the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock valued at $66,458,000 after buying an additional 833,224 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Kinetik by 22.4% during the fourth 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 in the last quarter. Institutional investors own 21.11% of the company’s stock.

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.