Kinetik (NYSE:KNTK) Sets New 52-Week Low – Time to Sell?

Kinetik Holdings Inc. (NYSE:KNTK)’s share price reached a new 52-week low during trading on Thursday . The stock traded as low as $33.85 and last traded at $34.79, with a volume of 215653 shares. The stock had previously closed at $37.33.

Wall Street Analyst Weigh In

KNTK has been the subject of a number of recent analyst reports. Wall Street Zen lowered Kinetik from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a research report on Wednesday, October 8th. Mizuho set a $48.00 price objective on shares of Kinetik in a report on Wednesday, October 29th. Wolfe Research upgraded shares of Kinetik from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Wednesday, October 22nd. Finally, The Goldman Sachs Group set a $46.00 price target on Kinetik in a research report on Tuesday, October 14th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $51.20.

Kinetik Trading Down 6.3%

The firm has a market cap of $5.66 billion, a price-to-earnings ratio of 47.27, a PEG ratio of 1.10 and a beta of 3.07. The firm has a 50-day moving average of $40.51 and a two-hundred day moving average of $41.97.

Kinetik (NYSE:KNTK) last issued its earnings results on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.The business had revenue of $426.74 million during the quarter. During the same quarter in the previous year, the company posted $0.54 earnings per share. The business’s revenue for the quarter was up 18.7% compared to the same quarter last year.

Insider Transactions at Kinetik

In other Kinetik news, insider Jamie Welch purchased 5,000 shares of the company’s stock in a transaction that occurred on Thursday, October 2nd. The stock was purchased at an average price of $39.13 per share, with a total value of $195,650.00. Following the completion of the transaction, the insider directly owned 3,676,399 shares of the company’s stock, valued at approximately $143,857,492.87. This trade represents a 0.14% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 3.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Kinetik

A number of hedge funds have recently made changes to their positions in the company. Teacher Retirement System of Texas acquired a new stake in Kinetik during the 1st quarter valued at $295,000. Principal Financial Group Inc. grew its holdings in Kinetik by 8.6% during the first quarter. Principal Financial Group Inc. now owns 23,906 shares of the company’s stock valued at $1,242,000 after purchasing an additional 1,889 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Kinetik by 10.1% in the first quarter. Envestnet Asset Management Inc. now owns 30,472 shares of the company’s stock valued at $1,583,000 after buying an additional 2,806 shares during the period. U.S. Capital Wealth Advisors LLC acquired a new position in shares of Kinetik in the first quarter valued at approximately $259,000. Finally, Nisa Investment Advisors LLC boosted its stake in Kinetik by 141.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company’s stock worth $59,000 after purchasing an additional 664 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

About Kinetik

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.