Kinetik Holdings Inc. (NYSE:KNTK) Stock Rated "Moderate Buy" by Sell-Side Analysts

Key Points

• Analysts rate Kinetik “Moderate Buy”: Of 19 covering firms, 11 recommend buying, seven rate it a hold, and one recommends a strong buy. The average 12-month price target is $54.00.
• Kinetik reported strong quarterly results, with EPS of $0.64 versus the $0.19 consensus and revenue of $581.44 million versus $421.48 million expected. Revenue increased 36.3% year over year.
• The stock opened at $52.29 and has traded between $31.33 and $56.92 over the past year. A major shareholder sold $11.9 million of stock, while institutional investors own 21.11% of the company.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) has been given an average recommendation of "Moderate Buy" by the nineteen ratings firms that are currently covering the company, MarketBeat reports. Seven investment analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $54.00.

A number of analysts recently issued reports on the company. Raymond James Financial reiterated an "outperform" rating and set a $55.00 price objective on shares of Kinetik in a research note on Friday, August 7th. US Capital Advisors raised Kinetik from a "moderate buy" rating to a "strong-buy" rating in a report on Friday, May 29th. Wells Fargo & Company reiterated an "overweight" rating and set a $54.00 price target on shares of Kinetik in a research report on Monday, August 10th. Tudor Pickering assumed coverage on shares of Kinetik in a research report on Monday, July 20th. They issued a "buy" rating and a $57.00 price objective for the company. Finally, Wall Street Zen raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a research note on Saturday, August 8th.

Kinetik Trading Down 1.2%

Kinetik stock opened at $52.29 on Friday. The firm has a 50 day simple moving average of $52.62 and a 200 day simple moving average of $49.36. Kinetik has a 1-year low of $31.33 and a 1-year high of $56.92. The firm has a market capitalization of $8.49 billion, a price-to-earnings ratio of 18.95, a P/E/G ratio of 1.29 and a beta of 0.57.

Kinetik (NYSE:KNTK - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.45. The firm had revenue of $581.44 million for the quarter, compared to the consensus estimate of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The business's quarterly revenue was up 36.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.33 earnings per share. On average, equities research analysts forecast that Kinetik will post 1.3 EPS for the current year.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of the firm's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $50.52, for a total value of $11,889,831.48. Following the completion of the transaction, the insider directly owned 1,691,370 shares of the company's stock, valued at $85,448,012.40. This trade represents a 12.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 1,547,491 shares of company stock valued at $81,648,682. 3.56% of the stock is owned by company insiders.

Institutional Investors Weigh In On Kinetik

Institutional investors and hedge funds have recently made changes to their positions in the business. Allworth Financial LP grew its position in Kinetik by 72.4% during the second quarter. Allworth Financial LP now owns 569 shares of the company's stock worth $28,000 after buying an additional 239 shares in the last quarter. Huntington National Bank raised its holdings in shares of 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 acquiring an additional 711 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. purchased a new stake in shares of Kinetik in the 4th quarter valued at about $47,000. Hantz Financial Services Inc. boosted its position in shares of Kinetik by 481.7% during the 4th quarter. Hantz Financial Services Inc. now owns 1,943 shares of the company's stock valued at $70,000 after acquiring an additional 1,609 shares during the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Kinetik during the 2nd quarter valued at about $71,000. Hedge funds and other institutional investors own 21.11% of the company's stock.

About Kinetik

Kinetik Holdings Inc NYSE: KNTK is a midstream energy company that provides gathering, processing, transportation and logistics services for oil and natural gas producers. The company's operations are focused primarily on the Delaware Basin, a major producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik's services include natural gas gathering and processing, natural gas liquids transportation and handling, crude oil logistics, and long-haul natural gas transportation.

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