Kinetik (NYSE:KNTK) Reaches New 12-Month Low - What's Next?

Key Points

• Kinetik Holdings Inc. (NYSE:KNTK) shares reached a new 52-week low at $35.90, with trading volume of 324,529 shares.
• Analysts have mixed ratings for Kinetik, with Goldman Sachs setting a target price of $46.00 while Mizuho sets it higher at $53.00, contributing to a consensus rating of "Moderate Buy" and a price target of $52.44.
• Insider Jamie Welch acquired 5,000 shares at an average price of $39.13, increasing ownership and highlighting insider confidence amid fluctuating stock performance.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) shares hit a new 52-week low during trading on Friday . The company traded as low as $35.90 and last traded at $35.94, with a volume of 324529 shares traded. The stock had previously closed at $36.18.

Analyst Ratings Changes

Several analysts recently issued reports on the company. The Goldman Sachs Group set a $46.00 target price on Kinetik in a research report on Tuesday. Weiss Ratings reiterated a "hold (c)" rating on shares of Kinetik in a research report on Wednesday, October 8th. Mizuho set a $53.00 target price on Kinetik and gave the stock an "outperform" rating in a research report on Friday, August 29th. Barclays dropped their price target on Kinetik from $43.00 to $40.00 and set an "equal weight" rating for the company in a research note on Wednesday, October 8th. Finally, Zacks Research raised Kinetik from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 13th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $52.44.

Kinetik Trading Down 0.4%

The stock has a market capitalization of $5.83 billion, a P/E ratio of 48.69, a price-to-earnings-growth ratio of 0.91 and a beta of 3.11. The stock has a 50 day moving average of $41.28 and a 200-day moving average of $42.67.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.14 by $0.19. The company had revenue of $426.74 million for the quarter. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.The company's revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.54 earnings per share.

Insiders Place Their Bets

In other news, insider Jamie Welch bought 5,000 shares of the firm's stock in a transaction on Thursday, October 2nd. The stock was acquired at an average cost of $39.13 per share, with a total value of $195,650.00. Following the transaction, the insider directly owned 3,676,399 shares in the company, valued at approximately $143,857,492.87. This trade represents a 0.14% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Apollon Wealth Management LLC increased its holdings in shares of Kinetik by 6.9% in the 3rd quarter. Apollon Wealth Management LLC now owns 5,990 shares of the company's stock valued at $256,000 after acquiring an additional 388 shares during the period. Gilman Hill Asset Management LLC increased its holdings in shares of Kinetik by 1.5% in the 3rd quarter. Gilman Hill Asset Management LLC now owns 247,618 shares of the company's stock valued at $10,583,000 after acquiring an additional 3,615 shares during the period. Yousif Capital Management LLC purchased a new position in Kinetik during the 3rd quarter worth $571,000. Exchange Traded Concepts LLC grew its stake in Kinetik by 13.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 96,970 shares of the company's stock worth $4,144,000 after buying an additional 11,622 shares during the last quarter. Finally, Chickasaw Capital Management LLC grew its stake in Kinetik by 63.9% during the 3rd quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company's stock worth $46,948,000 after buying an additional 428,103 shares during the last quarter. 21.11% of the stock is currently owned by hedge funds and other 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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