Kinetik Holdings Inc. (NYSE:KNTK) Receives Consensus Rating of “Moderate Buy” from Brokerages

Kinetik Holdings Inc. (NYSE:KNTK) has been given a consensus rating of “Moderate Buy” by the nineteen analysts that are presently covering the firm, Marketbeat reports. Seven research analysts have rated the stock with a hold recommendation, eleven have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $53.2667.

Several brokerages have issued reports on KNTK. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $57.00 target price (up from $56.00) on shares of Kinetik in a research note on Tuesday, August 11th. Morgan Stanley reissued an “overweight” rating and issued a $70.00 price target (up from $64.00) on shares of Kinetik in a research note on Tuesday, August 18th. Citigroup restated a “buy” rating and set a $55.00 price target (up from $52.00) on shares of Kinetik in a research report on Tuesday, August 11th. Tudor Pickering started coverage on shares of Kinetik in a report on Monday, July 20th. They issued a “buy” rating and a $57.00 price objective for the company. Finally, Barclays set a $51.00 target price on shares of Kinetik and gave the stock an “equal weight” rating in a research note on Thursday, August 6th.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $50.52, for a total transaction of $11,889,831.48. Following the transaction, the insider owned 1,691,370 shares of the company’s stock, valued at approximately $85,448,012.40. The trade was a 12.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 1,134,497 shares of company stock worth $59,265,751 in the last quarter. Company insiders own 3.56% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in Kinetik by 10.5% in the second quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock valued at $139,000 after purchasing an additional 273 shares during the period. ProShare Advisors LLC raised its position in Kinetik by 3.5% in the 4th quarter. ProShare Advisors LLC now owns 8,633 shares of the company’s stock valued at $311,000 after purchasing an additional 294 shares in the last quarter. Maryland State Retirement & Pension System raised its position in Kinetik by 5.4% in the 4th quarter. Maryland State Retirement & Pension System now owns 6,612 shares of the company’s stock valued at $238,000 after purchasing an additional 337 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of Kinetik by 0.4% in the 2nd quarter. Federated Hermes Inc. now owns 89,133 shares of the company’s stock valued at $3,926,000 after buying an additional 346 shares during the period. Finally, CWM LLC boosted its stake in shares of Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after buying an additional 352 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Price Performance

NYSE KNTK opened at $54.49 on Monday. The stock’s 50 day simple moving average is $51.17 and its 200-day simple moving average is $48.49. The company has a market cap of $8.85 billion, a PE ratio of 19.74, a price-to-earnings-growth ratio of 1.34 and a beta of 0.57. Kinetik has a 1-year low of $31.33 and a 1-year high of $56.10.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.19 by $0.45. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The firm had revenue of $581.44 million during the quarter, compared to analysts’ expectations of $421.48 million. During the same period in the previous year, the business earned $0.33 earnings per share. The firm’s revenue for the quarter was up 36.3% on a year-over-year basis. On average, equities research analysts anticipate that Kinetik will post 1.3 EPS for the current fiscal year.

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.