Kinetik (NYSE:KNTK) Announces Quarterly Earnings Results, Beats Estimates By $2.07 EPS

Kinetik (NYSE:KNTK) announced its quarterly earnings results on Wednesday. The company reported $2.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $2.07, Zacks reports. Kinetik had a negative return on equity of 5.74% and a net margin of 6.70%.

Kinetik Stock Performance

Shares of KNTK stock traded down $0.68 on Wednesday, reaching $43.50. 1,261,692 shares of the company were exchanged, compared to its average volume of 1,350,472. Kinetik has a 1 year low of $31.33 and a 1 year high of $59.74. The business has a 50-day moving average price of $38.87 and a 200 day moving average price of $38.78. The company has a market cap of $7.03 billion, a price-to-earnings ratio of 103.57, a P/E/G ratio of 1.09 and a beta of 0.73.

Insider Transactions at Kinetik

In related news, insider Matthew Wall sold 8,083 shares of Kinetik stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $36.05, for a total value of $291,392.15. Following the sale, the insider directly owned 554,738 shares in the company, valued at approximately $19,998,304.90. The trade was a 1.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Kinetik

Several hedge funds and other institutional investors have recently made changes to their positions in KNTK. 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 purchasing an additional 325,251 shares in the last quarter. Vident Advisory LLC lifted its holdings in Kinetik by 0.8% in the 4th quarter. Vident Advisory LLC now owns 61,246 shares of the company’s stock valued at $2,208,000 after purchasing an additional 500 shares in the last quarter. Yaupon Capital Management LP acquired a new stake in Kinetik during the 4th quarter worth $5,698,000. Zimmer Partners LP acquired a new stake in Kinetik during the 4th quarter worth $98,611,000. Finally, Virtus Investment Advisers LLC purchased a new stake in shares of Kinetik during the fourth quarter worth $170,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on KNTK. The Goldman Sachs Group cut their target price on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a report on Monday, November 17th. Mizuho set a $48.00 price objective on shares of Kinetik in a research report on Wednesday, October 29th. Citigroup lowered their target price 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. Wolfe Research lowered Kinetik from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, January 27th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a report on Thursday, January 22nd. Six investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Kinetik has an average rating of “Hold” and a consensus price target of $46.00.

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.