Kinetik (NYSE:KNTK) Issues Quarterly Earnings Results, Beats Expectations By $2.07 EPS

Kinetik (NYSE:KNTK) posted its quarterly earnings data on Wednesday. The company reported $2.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $2.07, Zacks reports. Kinetik had a net margin of 6.70% and a negative return on equity of 5.74%.

Kinetik Stock Down 1.5%

Shares of Kinetik stock traded down $0.68 on Wednesday, hitting $43.50. 1,261,692 shares of the company were exchanged, compared to its average volume of 1,350,472. The company has a 50-day moving average price of $38.87 and a 200 day moving average price of $38.78. The stock has a market capitalization of $7.03 billion, a price-to-earnings ratio of 103.57, a price-to-earnings-growth ratio of 1.09 and a beta of 0.73. Kinetik has a 1-year low of $31.33 and a 1-year high of $59.74.

Insider Activity at Kinetik

In related news, insider Matthew Wall sold 8,083 shares of Kinetik stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $36.05, for a total transaction of $291,392.15. Following 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 3.83% of the company’s stock.

Institutional Trading of Kinetik

Large investors have recently added to or reduced their stakes in the stock. HUB Investment Partners LLC boosted its position in shares of Kinetik by 10.0% during the 2nd quarter. HUB Investment Partners LLC now owns 8,676 shares of the company’s stock valued at $382,000 after acquiring an additional 788 shares during the last quarter. Guggenheim Capital LLC purchased a new position in Kinetik during the fourth quarter worth about $318,000. Advisory Services Network LLC raised its stake in Kinetik by 561.0% during the fourth quarter. Advisory Services Network LLC now owns 8,480 shares of the company’s stock worth $306,000 after purchasing an additional 7,197 shares during the period. Captrust Financial Advisors boosted its holdings in Kinetik by 4.9% in the 4th quarter. Captrust Financial Advisors now owns 8,420 shares of the company’s stock valued at $304,000 after purchasing an additional 390 shares during the last quarter. Finally, Boothbay Fund Management LLC purchased a new stake in shares of Kinetik in the 3rd quarter valued at approximately $253,000. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Jefferies Financial Group cut shares of Kinetik from a “buy” rating to a “hold” rating and set a $43.00 target price for the company. in a research note on Friday, February 6th. Wolfe Research cut Kinetik from an “outperform” rating to a “peer perform” rating in a report on Tuesday, January 27th. Scotiabank reissued an “outperform” rating and set a $48.00 target price on shares of Kinetik in a report on Friday, January 16th. Zacks Research downgraded Kinetik from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. Finally, Citigroup lowered their price target on Kinetik from $55.00 to $46.00 and set a “buy” rating on the stock in a research note on Friday, November 21st. Six research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Kinetik currently has a consensus rating of “Hold” and an average target price of $46.00.

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.