Kinetik (NYSE:KNTK) Now Covered by Tudor Pickering

Key Points

• Tudor Pickering initiated coverage on Kinetik with a buy rating and a $57 price target, implying about 13.55% upside from the prior close.
• Analyst sentiment is generally positive: Kinetik now has a Moderate Buy consensus, with a consensus price target of $50.29 and several firms recently raising ratings or targets.
• The stock was trading near its highs at $50.20, but the company recently posted a Q1 earnings miss with -$0.07 EPS versus $0.16 expected and revenue down 7.5% year over year.

Stock analysts at Tudor Pickering started coverage on shares of Kinetik (NYSE:KNTK - Get Free Report) in a research note issued on Monday. The brokerage set a "buy" rating and a $57.00 price target on the stock. Tudor Pickering's price objective would suggest a potential upside of 13.55% from the company's previous close.

Other equities research analysts have also recently issued research reports about the company. Weiss Ratings upgraded Kinetik from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, July 6th. JPMorgan Chase & Co. boosted their target price on Kinetik from $54.00 to $57.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. Zacks Research raised Kinetik from a "strong sell" rating to a "hold" rating in a research note on Thursday, March 26th. Royal Bank Of Canada lifted their price target on shares of Kinetik from $50.00 to $53.00 and gave the company an "outperform" rating in a report on Friday, June 5th. Finally, Wells Fargo & Company raised shares of Kinetik from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $47.00 to $52.00 in a research report on Wednesday, March 25th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, Kinetik currently has a consensus rating of "Moderate Buy" and a consensus price target of $50.29.

Kinetik Trading Down 0.2%

KNTK stock opened at $50.20 on Monday. The stock has a market capitalization of $8.15 billion, a price-to-earnings ratio of 20.49, a PEG ratio of 2.60 and a beta of 0.56. The firm's 50-day moving average price is $48.11 and its two-hundred day moving average price is $45.24. Kinetik has a 12-month low of $31.33 and a 12-month high of $51.51.

Kinetik (NYSE:KNTK - Get Free Report) last posted its earnings results 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 for the quarter. Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The company's revenue for the quarter was down 7.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.05 EPS. Equities analysts predict that Kinetik will post 0.62 EPS for the current year.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the insider owned 428,894 shares in the company, valued at $21,667,724.88. This trade represents a 55.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 1,071,107 shares of company stock valued at $53,172,463. 3.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Kinetik

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in shares of Kinetik by 10.5% during the 2nd quarter. GAMMA Investing LLC now owns 2,882 shares of the company's stock valued at $139,000 after acquiring an additional 273 shares during the last quarter. ProShare Advisors LLC lifted its holdings in shares of Kinetik by 3.5% during the 4th quarter. ProShare Advisors LLC now owns 8,633 shares of the company's stock valued at $311,000 after buying an additional 294 shares during the period. Maryland State Retirement & Pension System lifted its holdings in shares of Kinetik by 5.4% during the 4th quarter. Maryland State Retirement & Pension System now owns 6,612 shares of the company's stock valued at $238,000 after buying an additional 337 shares during the period. Federated Hermes Inc. grew its holdings in shares of Kinetik by 0.4% in the second quarter. Federated Hermes Inc. now owns 89,133 shares of the company's stock worth $3,926,000 after acquiring an additional 346 shares during the period. Finally, CWM LLC increased its position in Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company's stock valued at $27,000 after acquiring an additional 352 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.

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