Kinetik Holdings Inc. (NYSE:KNTK) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Kinetik holds a “Moderate Buy” consensus rating among 19 analysts, with 11 buys, seven holds and one strong buy. The average 12-month price target is $53.27, while recent targets range from $51 to $70.
• The company reported quarterly earnings of $0.64 per share, well above the $0.19 consensus estimate, while revenue rose 36.3% year over year to $581.44 million.
• Kinetik shares opened at $54.02, near their 52-week high of $56.10. Insiders have sold approximately 1.09 million shares worth $56.8 million over the past 90 days, while institutional investors and hedge funds own 21.11% of the stock.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) has been assigned an average rating of "Moderate Buy" from the nineteen analysts that are presently covering the company, MarketBeat reports. Seven equities research analysts have rated the stock with a hold recommendation, eleven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $53.2667.

KNTK has been the subject of a number of recent analyst reports. Morgan Stanley restated an "overweight" rating and issued a $70.00 price objective (up from $64.00) on shares of Kinetik in a research report on Tuesday, August 18th. Tudor Pickering began coverage on Kinetik in a research note on Monday, July 20th. They issued a "buy" rating and a $57.00 target price for the company. JPMorgan Chase & Co. raised their price target on Kinetik from $54.00 to $57.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 14th. Clear Str cut Kinetik from a "strong-buy" rating to a "hold" rating in a report on Monday, August 17th. Finally, Barclays set a $51.00 price objective on Kinetik and gave the company an "equal weight" rating in a research report on Thursday, August 6th.

Insider Activity at Kinetik

In other Kinetik news, Director Deborah L. Byers sold 2,739 shares of Kinetik stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $51.51, for a total value of $141,085.89. Following the transaction, the director owned 24,389 shares of the company's stock, valued at approximately $1,256,277.39. The trade was a 10.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Isq Global Fund Ii Gp Llc sold 76,260 shares of the company's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $55.28, for a total transaction of $4,215,652.80. Following the completion of the transaction, the insider owned 842,564 shares of the company's stock, valued at $46,576,937.92. This trade represents a 8.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,089,069 shares of company stock worth $56,764,485 over the last 90 days. Corporate insiders own 3.56% of the company's stock.

Hedge Funds Weigh In On Kinetik

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CWM LLC raised its stake in shares of Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company's stock valued at $27,000 after purchasing an additional 352 shares during the period. Kestra Advisory Services LLC bought a new position in shares of Kinetik during the fourth quarter worth about $33,000. Los Angeles Capital Management LLC acquired a new stake in Kinetik in the 4th quarter valued at approximately $40,000. Huntington National Bank raised its position in Kinetik by 139.1% in the 4th quarter. Huntington National Bank now owns 1,222 shares of the company's stock valued at $44,000 after buying an additional 711 shares during the last quarter. Finally, SBI Okasan Asset Management Co.Ltd. bought a new stake in Kinetik in the 4th quarter valued at approximately $47,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Stock Performance

Shares of NYSE KNTK opened at $54.02 on Monday. Kinetik has a 52-week low of $31.33 and a 52-week high of $56.10. The stock has a market cap of $8.77 billion, a P/E ratio of 19.57, a P/E/G ratio of 1.33 and a beta of 0.56. The firm has a 50 day moving average price of $50.54 and a 200 day moving average price of $48.03.

Kinetik (NYSE:KNTK - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.45. The company had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business's revenue for the quarter was up 36.3% compared to the same quarter last year. During the same period last year, the business posted $0.33 earnings per share. Analysts predict that Kinetik will post 1.3 earnings per share for the current fiscal year.

Kinetik Company Profile

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.

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