Brokerages Set Kinetik Holdings Inc. (NYSE:KNTK) PT at $49.17

Kinetik Holdings Inc. (NYSE:KNTK) has been given an average recommendation of “Moderate Buy” by the fifteen brokerages that are covering the company, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $49.1667.

KNTK has been the topic of a number of recent research reports. US Capital Advisors upgraded Kinetik from a “moderate buy” rating to a “strong-buy” rating in a research note on Friday, May 29th. Zacks Research upgraded Kinetik from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 26th. Truist Financial initiated coverage on Kinetik in a research note on Tuesday, March 24th. They issued a “buy” rating and a $53.00 target price on the stock. UBS Group lowered their target price on Kinetik from $49.00 to $48.00 and set a “neutral” rating on the stock in a research note on Monday, March 16th. Finally, Royal Bank Of Canada upped their target price on Kinetik from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Friday, June 5th.

Kinetik Stock Performance

Shares of KNTK stock opened at $46.46 on Wednesday. The stock’s 50-day simple moving average is $47.75 and its 200-day simple moving average is $43.36. The firm has a market capitalization of $7.54 billion, a PE ratio of 18.96, a P/E/G ratio of 2.40 and a beta of 0.57. Kinetik has a fifty-two week low of $31.33 and a fifty-two week high of $51.51.

Kinetik (NYSE:KNTK) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). The firm had revenue of $409.98 million during the quarter. Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. The business’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.05 earnings per share. Sell-side analysts forecast that Kinetik will post 0.62 earnings per share for the current year.

Insider Activity at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the company’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $50.52, for a total value of $27,006,173.28. Following the sale, the insider owned 428,894 shares in the company, valued at $21,667,724.88. This represents a 55.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 1,071,107 shares of company stock valued at $53,172,463 in the last quarter. 3.56% of the stock is owned by corporate insiders.

Institutional Trading of Kinetik

A number of hedge funds have recently modified their holdings of the stock. CWM LLC boosted its position in Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after purchasing an additional 352 shares in the last quarter. Signaturefd LLC boosted its position in Kinetik by 101.5% during the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after purchasing an additional 404 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in Kinetik during the fourth quarter worth approximately $33,000. Los Angeles Capital Management LLC purchased a new position in Kinetik during the fourth quarter worth approximately $40,000. Finally, Huntington National Bank boosted its position in Kinetik by 139.1% during the fourth quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $44,000 after purchasing an additional 711 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

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.