Kinetik (NYSE:KNTK) Rating Lowered to "Sell" at Wall Street Zen

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

Several other research firms have also recently issued reports on KNTK. Barclays set a $48.00 target price on shares of Kinetik and gave the stock an "equal weight" rating in a research note on Tuesday, May 20th. Wells Fargo & Company dropped their target price on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a report on Friday, February 28th. Citigroup reissued a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. UBS Group assumed coverage on shares of Kinetik in a research note on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target for the company. Finally, Mizuho dropped their price target on shares of Kinetik from $70.00 to $61.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $56.56.

Kinetik Stock Down 1.2%

Shares of KNTK opened at $43.64 on Tuesday. Kinetik has a 12-month low of $37.85 and a 12-month high of $67.60. The stock has a market cap of $6.89 billion, a P/E ratio of 45.94 and a beta of 3.05. The business's fifty day moving average is $43.63 and its 200 day moving average is $52.71.

Kinetik (NYSE:KNTK - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). The business had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. The business's quarterly revenue was up 29.8% compared to the same quarter last year. During the same period last year, the firm earned $0.12 earnings per share.

Insider Activity

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the firm's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the transaction, the insider now directly owns 1 shares of the company's stock, valued at approximately $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.83% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in KNTK. Canton Hathaway LLC purchased a new stake in Kinetik in the fourth quarter worth $28,000. Rialto Wealth Management LLC acquired a new stake in Kinetik in the fourth quarter valued at approximately $34,000. Bell Investment Advisors Inc acquired a new stake in Kinetik in the first quarter worth about $41,000. Comerica Bank grew its holdings in shares of Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after buying an additional 195 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in 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 buying an additional 664 shares during the period. Institutional investors own 21.11% of the company's stock.

Kinetik Company Profile

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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