Kinetik (NYSE:KNTK) Lowered to Strong Sell Rating by Zacks Research

Zacks Research downgraded shares of Kinetik (NYSE:KNTK) from a hold rating to a strong sell rating in a report published on Monday,Zacks.com reports.

Several other research analysts have also commented on KNTK. Mizuho set a $48.00 price target on Kinetik in a research report on Wednesday, October 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a research note on Wednesday, October 8th. The Goldman Sachs Group dropped their target price on Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a research report on Monday, November 17th. Wall Street Zen downgraded Kinetik from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. Finally, Royal Bank Of Canada cut their price objective on Kinetik from $52.00 to $46.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 19th. Nine research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $47.17.

Kinetik Trading Up 1.0%

Kinetik stock opened at $36.00 on Monday. The business’s fifty day simple moving average is $35.27 and its two-hundred day simple moving average is $39.27. Kinetik has a 12 month low of $31.33 and a 12 month high of $67.60. The company has a market capitalization of $5.82 billion, a price-to-earnings ratio of 85.71, a price-to-earnings-growth ratio of 0.67 and a beta of 0.73.

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

Insider Buying and Selling at Kinetik

In other news, insider Jamie Welch acquired 8,000 shares of the firm’s stock in a transaction dated Monday, November 10th. The stock was acquired at an average cost of $34.57 per share, with a total value of $276,560.00. Following the completion of the acquisition, the insider owned 3,687,791 shares of the company’s stock, valued at $127,486,934.87. The trade was a 0.22% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Matthew Wall sold 8,083 shares of Kinetik stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $36.05, for a total transaction of $291,392.15. Following the completion of the transaction, the insider owned 554,738 shares in the company, valued at approximately $19,998,304.90. This trade represents a 1.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Kinetik

Hedge funds and other institutional investors have recently bought and sold shares of the company. Aster Capital Management DIFC Ltd acquired a new position in shares of Kinetik during the 3rd quarter worth approximately $54,000. Chung Wu Investment Group LLC acquired a new position in shares of Kinetik in the second quarter worth $56,000. Advisory Services Network LLC purchased a new stake in shares of Kinetik in the third quarter valued at $55,000. Comerica Bank boosted its stake in shares of Kinetik by 91.5% during the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after acquiring an additional 732 shares during the last quarter. Finally, Fifth Third Bancorp boosted its stake in shares of Kinetik by 269.2% during the third quarter. Fifth Third Bancorp now owns 1,569 shares of the company’s stock valued at $67,000 after acquiring an additional 1,144 shares during the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

About Kinetik

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.