Kinetik (NYSE:KNTK) Issues Quarterly Earnings Results, Misses Estimates By $0.14 EPS

Kinetik (NYSE:KNTK) posted its quarterly earnings data on Wednesday. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.14), Zacks reports. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%. During the same quarter in the previous year, the company posted $0.03 EPS. Kinetik’s revenue for the quarter was up 22.7% on a year-over-year basis.

Kinetik Stock Down 5.1%

KNTK traded down $2.74 during trading hours on Wednesday, hitting $51.50. The stock had a trading volume of 1,195,485 shares, compared to its average volume of 1,179,065. Kinetik has a 1 year low of $31.33 and a 1 year high of $58.90. The company’s fifty day simple moving average is $54.07 and its 200 day simple moving average is $48.86. The stock has a market cap of $8.36 billion, a PE ratio of 18.66, a price-to-earnings-growth ratio of 1.19 and a beta of 0.67.

Trending Headlines about Kinetik

Here are the key news stories impacting Kinetik this week:

• Positive Sentiment: Zacks upgraded Kinetik to Rank #2 (Buy), citing improving optimism about the company’s earnings prospects. Read the Zacks report
• Negative Sentiment: Kinetik reported quarterly EPS of $0.26, missing the $0.40 consensus estimate by $0.14. The earnings shortfall is the clearest near-term negative catalyst for the stock. Read the earnings update
• Negative Sentiment: Major shareholder ISQ Global Fund II GP LLC disclosed multiple stock sales, including transactions in late October and early November. The latest sales were small relative to its remaining stake, but the ongoing selling may weigh on sentiment. Read the shareholder-trading report

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on KNTK shares. Scotiabank reiterated an “outperform” rating and issued a $59.00 target price on shares of Kinetik in a research note on Thursday, October 15th. Citigroup restated a “buy” rating and set a $55.00 price target (up from $52.00) on shares of Kinetik in a research note on Tuesday, August 11th. Weiss Ratings raised shares of Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a 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 target on the stock. Finally, Wall Street Zen upgraded Kinetik from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.47.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 14,889 shares of the stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $55.07, for a total transaction of $819,937.23. Following the completion of the transaction, the insider owned 961,114 shares in the company, valued at $52,928,547.98. This trade represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 3,968,344 shares of company stock worth $214,033,510 over the last quarter. 3.56% of the stock is owned by corporate insiders.

About Kinetik

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company’s assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.