Weiss Ratings Reaffirms Hold (C) Rating for Kinetik (NYSE:KNTK)

Key Points

• Weiss Ratings has reaffirmed a "hold (C)" rating for Kinetik (NYSE:KNTK) as part of a note issued to investors.
• Recent market performance indicates a 2.8% decline in Kinetik's stock, with shares opening at $38.39.
• Institutional investors own 21.11% of Kinetik's stock, highlighting a potential increased interest in the company among larger investment firms.

Kinetik (NYSE:KNTK - Get Free Report)'s stock had its "hold (c)" rating reaffirmed by Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

A number of other equities analysts have also weighed in on KNTK. Citigroup restated a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Wall Street Zen lowered Kinetik from a "hold" rating to a "sell" rating in a research report on Sunday, September 28th. Barclays reduced their price objective on Kinetik from $43.00 to $40.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Scotiabank reiterated an "outperform" rating on shares of Kinetik in a research report on Monday, September 8th. Finally, Mizuho set a $53.00 price objective on Kinetik and gave the company an "outperform" rating in a research report on Friday, August 29th. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $54.33.

Kinetik Stock Down 2.8%

Shares of NYSE KNTK opened at $38.39 on Wednesday. The firm has a market capitalization of $6.22 billion, a P/E ratio of 51.88, a P/E/G ratio of 0.98 and a beta of 3.11. The stock's 50-day simple moving average is $41.96 and its two-hundred day simple moving average is $43.32. Kinetik has a twelve month low of $37.70 and a twelve month high of $67.60.

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

Insider Transactions at Kinetik

In related news, insider Jamie Welch purchased 5,000 shares of Kinetik stock in a transaction that occurred on Thursday, October 2nd. The shares were acquired at an average cost of $39.13 per share, for a total transaction of $195,650.00. Following the transaction, the insider directly owned 3,676,399 shares in the company, valued at $143,857,492.87. The trade was a 0.14% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.83% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Kinetik

Institutional investors and hedge funds have recently bought and sold shares of the business. Bell Investment Advisors Inc purchased a new stake in Kinetik in the 1st quarter worth approximately $41,000. Nisa Investment Advisors LLC lifted 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. Chung Wu Investment Group LLC purchased a new stake in Kinetik in the 2nd quarter worth approximately $56,000. Rossby Financial LCC purchased a new stake in Kinetik in the 1st quarter worth approximately $78,000. Finally, Comerica Bank lifted its holdings in Kinetik by 91.5% in the 1st quarter. Comerica Bank now owns 1,532 shares of the company's stock worth $80,000 after buying an additional 732 shares during the period. Hedge funds and other 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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