Kinetik (NYSE:KNTK) Stock Crosses Above 50-Day Moving Average Following Insider Selling

Key Points

• Kinetik shares rose 1.4% and moved above their 50-day moving average, trading as high as $55.30 before closing at $54.31.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $55.47; recent target changes ranged from Jefferies’ cut to $54 to Citigroup’s increase to $55.
• Kinetik reported quarterly EPS of $0.64, beating the $0.19 estimate, while revenue reached $581.44 million and grew 36.3% year over year.

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) passed above its fifty day moving average during trading on Tuesday following insider buying activity. The stock has a fifty day moving average of $54.13 and traded as high as $55.30. Kinetik shares last traded at $54.31, with a volume of 1,441,290 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Jefferies Financial Group reaffirmed a "hold" rating and issued a $54.00 price objective (down from $56.00) on shares of Kinetik in a research note on Monday, October 19th. Weiss Ratings raised shares of Kinetik from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Wells Fargo & Company restated an "overweight" rating and issued a $54.00 target price on shares of Kinetik in a report on Monday, August 10th. Citigroup restated a "buy" rating and issued a $55.00 target price (up from $52.00) on shares of Kinetik in a report on Tuesday, August 11th. Finally, Zacks Research cut Kinetik from a "strong-buy" rating to a "hold" rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $55.47.

Kinetik Stock Up 1.4%

The stock has a market capitalization of $8.82 billion, a PE ratio of 19.68, a P/E/G ratio of 1.19 and a beta of 0.67. The stock's 50-day moving average is $54.13 and its 200 day moving average is $48.79.

Kinetik (NYSE:KNTK - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The company had revenue of $581.44 million during the quarter, compared to the consensus estimate of $421.48 million. During the same quarter in the prior year, the firm earned $0.33 EPS. The company's revenue was up 36.3% compared to the same quarter last year. As a group, equities research analysts forecast that Kinetik Holdings Inc. will post 1.44 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of KNTK. Allworth Financial LP grew its position in Kinetik by 72.4% in the second quarter. Allworth Financial LP now owns 569 shares of the company's stock worth $28,000 after acquiring an additional 239 shares in the last quarter. Pinnacle Wealth Planning Services Inc. raised its holdings in shares of Kinetik by 5,693.8% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 927 shares of the company's stock valued at $47,000 after purchasing an additional 911 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Kinetik during the 2nd quarter valued at $71,000. Signaturefd LLC lifted its stake in shares of Kinetik by 21.3% in the 3rd quarter. Signaturefd LLC now owns 1,714 shares of the company's stock valued at $86,000 after purchasing an additional 301 shares during the last quarter. Finally, Covestor Ltd lifted its stake in shares of Kinetik by 13,233.3% in the 3rd quarter. Covestor Ltd now owns 2,000 shares of the company's stock valued at $100,000 after purchasing an additional 1,985 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

About Kinetik

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company's assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.

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