Kinetik (NYSE:KNTK) Posts Quarterly Earnings Results, Beats Estimates By $2.01 EPS

Kinetik (NYSE:KNTK) issued its earnings results on Wednesday. The company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $2.01, Briefing.com reports. Kinetik had a net margin of 6.70% and a negative return on equity of 5.74%. The business had revenue of $430.42 million for the quarter. During the same quarter in the previous year, the firm posted $0.01 earnings per share. Kinetik’s quarterly revenue was up 11.5% on a year-over-year basis.

Kinetik Stock Performance

KNTK opened at $43.50 on Thursday. The stock has a fifty day moving average of $39.05 and a 200-day moving average of $38.81. The company has a market capitalization of $7.03 billion, a P/E ratio of 103.57, a P/E/G ratio of 1.08 and a beta of 0.73. Kinetik has a fifty-two week low of $31.33 and a fifty-two week high of $59.74.

Insider Activity at Kinetik

In related news, insider Matthew Wall sold 8,083 shares of the firm’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $36.05, for a total transaction of $291,392.15. Following the transaction, the insider directly owned 554,738 shares of the company’s stock, valued at approximately $19,998,304.90. This trade represents a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.83% of the company’s stock.

Institutional Trading of Kinetik

Institutional investors have recently bought and sold shares of the business. Kestra Advisory Services LLC acquired a new position in shares of Kinetik during the 4th quarter worth approximately $33,000. Los Angeles Capital Management LLC bought a new stake in shares of Kinetik in the fourth quarter valued at approximately $40,000. Advisory Services Network LLC acquired a new stake in Kinetik during the third quarter worth approximately $55,000. Comerica Bank grew its position in Kinetik by 91.5% during the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after buying an additional 732 shares in the last quarter. Finally, Strs Ohio bought a new position in Kinetik during the 1st quarter worth $93,000. Institutional investors own 21.11% of the company’s stock.

Analyst Ratings Changes

KNTK has been the topic of several recent analyst reports. Scotiabank restated an “outperform” rating and set a $48.00 price objective on shares of Kinetik in a research note on Friday, January 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a report on Thursday, January 22nd. Citigroup dropped their price objective on Kinetik from $55.00 to $46.00 and set a “buy” rating on the stock in a research note on Friday, November 21st. Jefferies Financial Group cut Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price objective for the company. in a research report on Friday, February 6th. Finally, Wolfe Research downgraded Kinetik from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, January 27th. Six research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Kinetik presently has a consensus rating of “Hold” and an average price target of $46.00.

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.