Kinetik Holdings Inc. (NYSE:KNTK) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Kinetik Holdings Inc. (NYSE:KNTK) has been given an average rating of “Moderate Buy” by the thirteen research firms that are presently covering the company, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $47.2727.

A number of equities research analysts have commented on KNTK shares. 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 research report on Monday, November 17th. Scotiabank dropped their price target on Kinetik from $51.00 to $45.00 and set a “sector outperform” rating on the stock in a research note on Thursday, November 13th. Barclays cut their price objective on Kinetik from $43.00 to $40.00 and set an “equal weight” rating for the company in a report on Wednesday, October 8th. Royal Bank Of Canada lowered their target price on Kinetik from $52.00 to $46.00 and set an “outperform” rating on the stock in a report on Wednesday, November 19th. Finally, Citigroup cut their price target on Kinetik from $55.00 to $46.00 and set a “buy” rating for the company in a research note on Friday, November 21st.

Kinetik Stock Performance

Shares of NYSE:KNTK opened at $35.47 on Wednesday. The firm has a market cap of $5.73 billion, a price-to-earnings ratio of 84.45, a price-to-earnings-growth ratio of 1.93 and a beta of 0.78. The business has a 50-day simple moving average of $35.65 and a two-hundred day simple moving average of $39.63. Kinetik has a fifty-two week low of $31.33 and a fifty-two week high of $67.60.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.20). Kinetik had a negative return on equity of 5.74% and a net margin of 6.70%.The company had revenue of $463.97 million during the quarter, compared to the consensus estimate of $604.57 million. During the same quarter in the prior year, the firm earned $0.35 earnings per share. The business’s revenue was up 17.1% compared to the same quarter last year.

Insider Buying and Selling

In other Kinetik news, insider Jamie Welch purchased 8,000 shares of the firm’s stock in a transaction on Monday, November 10th. The shares were acquired at an average cost of $34.57 per share, for a total transaction of $276,560.00. Following the completion of the transaction, the insider owned 3,687,791 shares of the company’s stock, valued at approximately $127,486,934.87. The trade was a 0.22% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Kinetik

Hedge funds have recently modified their holdings of the business. Zimmer Partners LP bought a new position in Kinetik in the 1st quarter worth $102,124,000. Brave Warrior Advisors LLC purchased a new stake in Kinetik in the third quarter worth about $68,766,000. RR Advisors LLC bought a new position in shares of Kinetik in the second quarter worth about $22,471,000. Adage Capital Partners GP L.L.C. purchased a new position in shares of Kinetik during the 2nd quarter valued at about $22,025,000. Finally, Chickasaw Capital Management LLC lifted its position in shares of Kinetik by 63.9% during the 3rd quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company’s stock valued at $46,948,000 after buying an additional 428,103 shares in the last quarter. 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.