Kinetik (NYSE:KNTK) Stock Moved Up to Strong-Buy by Zacks Research

Kinetik (NYSE:KNTK) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday, Zacks reports.

Several other analysts have also issued reports on the company. Jefferies Financial Group reissued a “hold” rating and set a $56.00 target price on shares of Kinetik in a report on Wednesday, September 9th. Scotiabank reaffirmed an “outperform” rating and set a $58.00 price target (up from $52.00) on shares of Kinetik in a research report on Thursday, September 10th. Weiss Ratings upgraded Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Raymond James Financial reissued an “outperform” rating and issued a $55.00 price objective on shares of Kinetik in a research report on Friday, August 7th. Finally, Clear Str downgraded Kinetik from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Kinetik Price Performance

KNTK stock opened at $52.29 on Wednesday. Kinetik has a one year low of $31.33 and a one year high of $56.92. The stock has a market cap of $8.49 billion, a price-to-earnings ratio of 18.95, a price-to-earnings-growth ratio of 1.29 and a beta of 0.57. The company has a fifty day moving average price of $52.62 and a two-hundred day moving average price of $49.36.

Kinetik (NYSE:KNTK) last posted its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.45. The company had revenue of $581.44 million during the quarter, compared to analysts’ expectations of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. Kinetik’s quarterly revenue was up 36.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.33 EPS. Research analysts anticipate that Kinetik will post 1.3 EPS for the current fiscal year.

Insider Activity at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 24,194 shares of the firm’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $53.55, for a total value of $1,295,588.70. Following the transaction, the insider owned 384,142 shares in the company, valued at $20,570,804.10. This trade represents a 5.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 1,547,491 shares of company stock valued at $81,648,682 over the last three months. Corporate insiders own 3.56% of the company’s stock.

Institutional Trading of Kinetik

Institutional investors have recently made changes to their positions in the company. Allworth Financial LP raised its holdings in shares of Kinetik by 72.4% in the second quarter. Allworth Financial LP now owns 569 shares of the company’s stock valued at $28,000 after purchasing an additional 239 shares during the last quarter. Huntington National Bank grew its position in Kinetik by 139.1% in the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $44,000 after purchasing an additional 711 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. bought a new stake in Kinetik in the 4th quarter worth about $47,000. Hantz Financial Services Inc. increased its stake in Kinetik by 481.7% in the 4th quarter. Hantz Financial Services Inc. now owns 1,943 shares of the company’s stock valued at $70,000 after buying an additional 1,609 shares during the last quarter. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Kinetik during the 2nd quarter worth approximately $71,000. Institutional investors own 21.11% of the company’s stock.

About Kinetik

Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides gathering, processing, transportation and logistics services for oil and natural gas producers. The company’s operations are focused primarily on the Delaware Basin, a major producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik’s services include natural gas gathering and processing, natural gas liquids transportation and handling, crude oil logistics, and long-haul natural gas transportation.