Kinetik (NYSE:KNTK) Trading 4.4% Higher - Should You Buy?

Key Points

• Kinetik Holdings Inc. (NYSE:KNTK) saw its stock price increase by 4.4%, reaching a last traded price of $38.15, despite a decrease in trading volume by 55% from average levels.
• Analyst ratings are mixed, with Wolfe Research upgrading the stock to "outperform" with a target price of $45.00, while several others, including Wall Street Zen, have downgraded their ratings to "sell."
• The company reported a net margin of 8.21% and revenue increased by 18.7% year-over-year, with earnings per share beating estimates at $0.33 compared to the consensus of $0.14.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report)'s stock price traded up 4.4% during trading on Wednesday . The stock traded as high as $38.32 and last traded at $38.15. 496,811 shares were traded during trading, a decline of 55% from the average session volume of 1,105,691 shares. The stock had previously closed at $36.55.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Wolfe Research upgraded shares of Kinetik from a "peer perform" rating to an "outperform" rating and set a $45.00 price objective for the company in a research note on Wednesday. Weiss Ratings reissued a "hold (c)" rating on shares of Kinetik in a report on Wednesday, October 8th. Scotiabank set a $51.00 target price on shares of Kinetik and gave the stock a "sector outperform" rating in a report on Friday, October 17th. Wall Street Zen cut shares of Kinetik from a "hold" rating to a "sell" rating in a report on Sunday, September 28th. Finally, Zacks Research raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Kinetik currently has an average rating of "Moderate Buy" and a consensus target price of $51.70.

Kinetik Price Performance

The firm has a market cap of $6.30 billion, a PE ratio of 52.57, a PEG ratio of 0.91 and a beta of 3.11. The business's 50 day moving average price is $40.98 and its 200 day moving average price is $42.34.

Kinetik (NYSE:KNTK - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.19. Kinetik had a net margin of 8.21% and a negative return on equity of 6.16%. The business had revenue of $426.74 million during the quarter. During the same period in the prior year, the firm earned $0.54 EPS. The firm's revenue for the quarter was up 18.7% on a year-over-year basis.

Insider Transactions at Kinetik

In other Kinetik news, insider Jamie Welch acquired 5,000 shares of the company's stock in a transaction that occurred on Thursday, October 2nd. The stock was bought at an average price of $39.13 per share, with a total value of $195,650.00. Following the purchase, the insider owned 3,676,399 shares in the company, valued at approximately $143,857,492.87. The trade was a 0.14% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.83% of the company's stock.

Hedge Funds Weigh In On Kinetik

Several institutional investors and hedge funds have recently bought and sold shares of the company. Louisiana State Employees Retirement System acquired a new position in Kinetik in the 3rd quarter valued at about $859,000. Geneos Wealth Management Inc. acquired a new position in Kinetik in the 3rd quarter valued at about $862,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in shares of Kinetik by 26.9% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 988,400 shares of the company's stock worth $42,244,000 after acquiring an additional 209,400 shares during the last quarter. SL Advisors LLC lifted its holdings in shares of Kinetik by 1.7% in the 3rd quarter. SL Advisors LLC now owns 22,306 shares of the company's stock worth $953,000 after acquiring an additional 379 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH lifted its holdings in shares of Kinetik by 90.5% in the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 61,695 shares of the company's stock worth $2,637,000 after acquiring an additional 29,303 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

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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