Kinetik (NYSE:KNTK) Announces Quarterly Earnings Results

Kinetik (NYSE:KNTK) announced its earnings results on Wednesday. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.45, Zacks reports. Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. Kinetik’s revenue for the quarter was up 36.3% on a year-over-year basis. During the same quarter last year, the business earned $0.33 earnings per share.

Kinetik Price Performance

NYSE:KNTK opened at $48.26 on Thursday. The company has a 50 day moving average price of $48.18 and a 200-day moving average price of $46.49. The firm has a market cap of $7.84 billion, a price-to-earnings ratio of 19.70, a price-to-earnings-growth ratio of 1.92 and a beta of 0.56. Kinetik has a 1-year low of $31.33 and a 1-year high of $52.54.

Analyst Ratings Changes

KNTK has been the subject of several research analyst reports. Morgan Stanley set a $64.00 target price on shares of Kinetik and gave the company an “overweight” rating in a research note on Wednesday, July 29th. JPMorgan Chase & Co. boosted their target price on Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Mizuho increased their price objective on shares of Kinetik from $48.00 to $51.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Citigroup reaffirmed a “buy” rating and set a $52.00 target price (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Finally, US Capital Advisors upgraded shares of Kinetik from a “moderate buy” rating to a “strong-buy” rating in a report on Friday, May 29th. Three analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $51.47.

Hedge Funds Weigh In On Kinetik

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Kestra Advisory Services LLC acquired a new stake in shares of Kinetik in the 4th quarter worth $33,000. Los Angeles Capital Management LLC acquired a new position in Kinetik during the fourth quarter worth $40,000. Advisory Services Network LLC purchased a new position in Kinetik during the 3rd quarter valued at about $55,000. Comerica Bank boosted its stake in shares of Kinetik by 91.5% in the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after purchasing an additional 732 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Kinetik during the third quarter worth $87,000. Hedge funds and other 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.