Kinetik (NYSE:KNTK) Downgraded to "Sell" Rating by Wall Street Zen

Key Points

• Kinetik (NYSE:KNTK) was recently downgraded from a "hold" to a "sell" rating by Wall Street Zen.
• Despite the downgrade, Kinetik has a consensus rating of "Moderate Buy" with an average price target of $54.67 according to MarketBeat.
• The company's most recent earnings report showed a quarterly EPS of $0.33, significantly beating the consensus estimate of $0.14, despite a year-over-year decline from $0.54 earnings per share.

Kinetik (NYSE:KNTK - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Sunday.

A number of other research analysts have also issued reports on KNTK. Scotiabank reissued an "outperform" rating on shares of Kinetik in a research note on Monday, September 8th. Zacks Research raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 13th. Barclays dropped their price target on shares of Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a research report on Monday, July 14th. Mizuho set a $53.00 price target on shares of Kinetik and gave the stock an "outperform" rating in a research report on Friday, August 29th. Finally, Citigroup restated a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $54.67.

Kinetik Stock Performance

NYSE KNTK opened at $45.63 on Friday. Kinetik has a one year low of $39.25 and a one year high of $67.60. The company has a 50-day simple moving average of $42.24 and a 200-day simple moving average of $43.96. The firm has a market capitalization of $7.39 billion, a PE ratio of 61.66, a price-to-earnings-growth ratio of 1.13 and a beta of 3.16.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.14 by $0.19. Kinetik had a net margin of 8.21% and a negative return on equity of 6.16%. Kinetik's revenue for the quarter was up 18.7% on a year-over-year basis. During the same period last year, the firm posted $0.54 earnings per share.

Institutional Trading of Kinetik

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bell Investment Advisors Inc bought a new stake in shares of Kinetik in the 1st quarter worth approximately $41,000. Nisa Investment Advisors LLC raised its holdings in shares of 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 in the last quarter. Chung Wu Investment Group LLC bought a new stake in shares of Kinetik in the 2nd quarter worth approximately $56,000. Rossby Financial LCC bought a new stake in shares of Kinetik in the 1st quarter worth approximately $78,000. Finally, Comerica Bank raised its holdings in shares of Kinetik by 91.5% in the 1st quarter. Comerica Bank now owns 1,532 shares of the company's stock worth $80,000 after purchasing an additional 732 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors.

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.

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