Kinetik (NYSE:KNTK) Upgraded by Wall Street Zen to "Hold" Rating

Key Points

• Kinetik (NYSE:KNTK) was upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a shift in analyst sentiment towards the company's stock.
• Despite the consensus rating of "Moderate Buy," Kinetik's target price has seen reductions from various analysts, with Barclays lowering it from $49.00 to $43.00.
• The company reported a strong quarterly earnings performance with an EPS of $0.33, significantly surpassing the consensus estimate of $0.14, amid an 18.7% revenue increase year-over-year.

Kinetik (NYSE:KNTK - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Saturday.

KNTK has been the topic of a number of other research reports. Citigroup reissued a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. Barclays cut their price objective 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. Royal Bank Of Canada cut their price objective on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a research report on Friday, May 30th. Mizuho set a $53.00 target price on shares of Kinetik and gave the stock an "outperform" rating in a report on Friday, August 29th. Finally, Scotiabank restated an "outperform" rating on shares of Kinetik in a report on Monday, September 8th. Six research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $54.67.

Kinetik Stock Up 2.1%

KNTK traded up $0.91 during trading on Friday, reaching $44.48. 30,092 shares of the stock traded hands, compared to its average volume of 1,089,318. The stock has a market capitalization of $7.20 billion, a PE ratio of 60.11, a P/E/G ratio of 1.06 and a beta of 3.16. The stock's 50-day moving average is $41.90 and its 200 day moving average is $44.06. Kinetik has a 12 month low of $39.25 and a 12 month high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 earnings per share (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 firm's revenue was up 18.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.54 EPS.

Institutional Investors Weigh In On Kinetik

Several institutional investors and hedge funds have recently added to or reduced their stakes in KNTK. Zimmer Partners LP purchased a new stake in Kinetik in the 1st quarter valued at about $102,124,000. RR Advisors LLC purchased a new stake in Kinetik in the 2nd quarter valued at about $22,471,000. Adage Capital Partners GP L.L.C. purchased a new stake in Kinetik in the 2nd quarter valued at about $22,025,000. Bank of America Corp DE increased its stake in Kinetik by 109.7% in the 2nd quarter. Bank of America Corp DE now owns 776,306 shares of the company's stock valued at $34,196,000 after buying an additional 406,160 shares during the last quarter. Finally, HITE Hedge Asset Management LLC purchased a new stake in Kinetik in the 1st quarter valued at about $18,608,000. Hedge funds and other institutional investors own 21.11% of the company's stock.

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.