Kinetik (NYSE:KNTK) Upgraded by Wall Street Zen to Hold Rating

Kinetik (NYSE:KNTK) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Monday.

Several other equities research analysts also recently issued reports on the stock. Royal Bank of Canada dropped their price target on shares of Kinetik from $57.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, May 30th. Mizuho dropped their target price on Kinetik from $70.00 to $61.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 20th. US Capital Advisors raised Kinetik from a “hold” rating to a “moderate buy” rating in a research report on Monday, April 7th. Barclays set a $48.00 price objective on Kinetik and gave the stock an “equal weight” rating in a report on Tuesday, May 20th. Finally, Wells Fargo & Company dropped their price objective on Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.56.

Kinetik Trading Up 0.2%

Kinetik stock opened at $43.35 on Monday. Kinetik has a 52 week low of $37.85 and a 52 week high of $67.60. The stock has a fifty day moving average price of $43.54 and a 200 day moving average price of $53.05. The firm has a market capitalization of $6.85 billion, a P/E ratio of 45.63 and a beta of 3.05.

Kinetik (NYSE:KNTK) last issued its earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.24). The firm had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. During the same quarter in the previous year, the company posted $0.12 earnings per share. The company’s revenue for the quarter was up 29.8% on a year-over-year basis.

Insider Buying and Selling

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the transaction, the insider now owns 1 shares of the company’s stock, valued at approximately $44.16. This represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Kinetik

A number of institutional investors and hedge funds have recently bought and sold shares of KNTK. Comerica Bank boosted its holdings in shares of Kinetik by 32.2% in the fourth quarter. Comerica Bank now owns 800 shares of the company’s stock valued at $45,000 after acquiring an additional 195 shares in the last quarter. Private Advisor Group LLC boosted its stake in Kinetik by 5.3% during the 4th quarter. Private Advisor Group LLC now owns 8,859 shares of the company’s stock valued at $502,000 after purchasing an additional 448 shares in the last quarter. Canton Hathaway LLC bought a new position in Kinetik during the 4th quarter valued at $28,000. Swiss National Bank boosted its stake in Kinetik by 0.7% during the 4th quarter. Swiss National Bank now owns 76,300 shares of the company’s stock valued at $4,327,000 after purchasing an additional 500 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Kinetik by 4.2% during the 1st quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock valued at $670,000 after purchasing an additional 522 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.