Kinetik Holdings Inc. (NYSE:KNTK) Receives $51.20 Average PT from Analysts

Shares of Kinetik Holdings Inc. (NYSE:KNTK) have been assigned an average rating of “Moderate Buy” from the twelve ratings firms that are presently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $51.20.

Several equities analysts have issued reports on the company. Scotiabank set a $51.00 price target on Kinetik and gave the company a “sector outperform” rating in a research note on Friday, October 17th. Zacks Research upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 13th. Wolfe Research upgraded shares of Kinetik from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Wednesday, October 22nd. The Goldman Sachs Group set a $46.00 price objective on shares of Kinetik in a report on Tuesday, October 14th. Finally, Barclays reduced their target price on Kinetik from $43.00 to $40.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th.

Insiders Place Their Bets

In other Kinetik news, insider Jamie Welch acquired 5,000 shares of the company’s stock in a transaction on Thursday, October 2nd. The shares were purchased at an average cost of $39.13 per share, with a total value of $195,650.00. Following the completion of the purchase, the insider owned 3,676,399 shares of the company’s stock, valued at approximately $143,857,492.87. This represents a 0.14% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Public Sector Pension Investment Board purchased a new stake in Kinetik in the 3rd quarter valued at $7,277,000. Illinois Municipal Retirement Fund bought a new stake in shares of Kinetik in the 3rd quarter worth $847,000. Caprock Group LLC purchased a new stake in shares of Kinetik in the third quarter valued at about $281,000. Rhumbline Advisers lifted its position in shares of Kinetik by 86.7% during the third quarter. Rhumbline Advisers now owns 127,105 shares of the company’s stock valued at $5,432,000 after purchasing an additional 59,042 shares in the last quarter. Finally, Versor Investments LP purchased a new position in Kinetik during the third quarter worth about $833,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Stock Down 8.2%

KNTK stock opened at $34.28 on Tuesday. The firm has a market cap of $5.55 billion, a price-to-earnings ratio of 81.62, a PEG ratio of 1.10 and a beta of 3.07. The company’s fifty day simple moving average is $40.34 and its 200 day simple moving average is $41.91. Kinetik has a 12-month low of $33.85 and a 12-month high of $67.60.

Kinetik (NYSE:KNTK) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.20). Kinetik had a negative return on equity of 5.39% 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 period last year, the business posted $0.35 earnings per share. The business’s revenue was up 17.1% on a year-over-year basis.

About Kinetik

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.