Kinetik (NASDAQ:KNTK) Raised to Buy at Citigroup

Kinetik (NASDAQ:KNTK - Get Free Report) was upgraded by Citigroup from a "neutral" rating to a "buy" rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The firm currently has a $55.00 price target on the stock, down from their prior price target of $58.00. Citigroup's price target points to a potential upside of 22.52% from the company's previous close.

A number of other brokerages also recently weighed in on KNTK. UBS Group initiated coverage on shares of Kinetik in a research note on Tuesday, April 29th. They set a "neutral" rating and a $49.00 target price for the company. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Barclays boosted their price objective on Kinetik from $57.00 to $58.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 16th. Royal Bank of Canada cut their target price on Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Finally, Wells Fargo & Company lowered their target price on Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a report on Friday, February 28th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $56.44.

Kinetik Price Performance

Shares of KNTK opened at $44.89 on Tuesday. The business has a 50-day moving average of $46.04 and a 200-day moving average of $54.38. The company has a market capitalization of $7.08 billion, a price-to-earnings ratio of 16.56, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03. Kinetik has a 1 year low of $37.85 and a 1 year high of $67.60.

Kinetik (NASDAQ:KNTK - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share 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. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The business's revenue for the quarter was up 29.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.12 EPS. As a group, sell-side analysts anticipate that Kinetik will post 1.96 EPS for the current year.

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock in a transaction on Monday, March 17th. The shares were sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of the sale, the insider now owns 657,583 shares of the company's stock, valued at approximately $34,628,320.78. This trade represents a 61.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.83% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Kinetik by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company's stock worth $226,967,000 after acquiring an additional 72,760 shares in the last quarter. Zimmer Partners LP bought a new stake in Kinetik during the 1st quarter worth approximately $102,124,000. Invesco Ltd. raised its stake in shares of Kinetik by 3.0% in the fourth quarter. Invesco Ltd. now owns 1,247,843 shares of the company's stock worth $70,765,000 after purchasing an additional 36,362 shares during the last quarter. Westwood Holdings Group Inc. lifted its holdings in shares of Kinetik by 4.0% in the first quarter. Westwood Holdings Group Inc. now owns 1,126,832 shares of the company's stock valued at $58,528,000 after purchasing an additional 43,619 shares in the last quarter. Finally, Kayne Anderson Capital Advisors LP lifted its holdings in shares of Kinetik by 4.4% in the first quarter. Kayne Anderson Capital Advisors LP now owns 830,122 shares of the company's stock valued at $43,117,000 after purchasing an additional 34,811 shares in the last quarter. 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. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.

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