Kinetik (NYSE:KNTK) Raised to Hold at Wall Street Zen

Kinetik (NYSE:KNTK) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.

A number of other equities research analysts also recently commented on KNTK. Royal Bank of Canada decreased their target price on Kinetik from $57.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, May 30th. UBS Group started coverage on shares of Kinetik in a research note on Tuesday, April 29th. They set a “neutral” rating and a $49.00 price objective for the company. Barclays set a $48.00 price objective on shares of Kinetik and gave the company an “equal weight” rating in a research note on Tuesday, May 20th. Scotiabank boosted their target price on shares of Kinetik from $54.00 to $57.00 and gave the company a “sector outperform” rating in a research report on Thursday, June 5th. Finally, Mizuho decreased their target price on shares of Kinetik from $70.00 to $61.00 and set an “outperform” rating for the company in a research report on Tuesday, May 20th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.56.

Kinetik Trading Up 0.2%

KNTK opened at $43.35 on Monday. Kinetik has a 12-month low of $37.85 and a 12-month high of $67.60. The business’s fifty day simple moving average is $43.54 and its 200-day simple moving average is $53.05. The company has a market capitalization of $6.85 billion, a price-to-earnings ratio of 45.63 and a beta of 3.05.

Kinetik (NYSE:KNTK) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.24). The company had revenue of $443.26 million during the quarter, compared to the consensus estimate of $466.54 million. Kinetik’s quarterly revenue was up 29.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.12 earnings per share.

Insider Buying and Selling

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the firm’s stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the sale, the insider now owns 1 shares in the company, valued at approximately $44.16. This trade represents a 100.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Kinetik

Hedge funds and other institutional investors have recently modified their holdings of the stock. Strs Ohio acquired a new position in Kinetik during the first quarter worth about $93,000. Intech Investment Management LLC raised its position in shares of Kinetik by 14.3% during the 1st quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock worth $1,149,000 after purchasing an additional 2,766 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Kinetik by 27.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock worth $4,131,000 after purchasing an additional 17,034 shares during the last quarter. Yaupon Capital Management LP acquired a new position in shares of Kinetik during the 1st quarter worth approximately $10,388,000. Finally, Zimmer Partners LP acquired a new position in shares of Kinetik in the first quarter worth $102,124,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

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.