Kinetik (NYSE:KNTK) Shares Gap Up – Should You Buy?

Kinetik Holdings Inc. (NYSE:KNTK) shares gapped up prior to trading on Thursday . The stock had previously closed at $44.54, but opened at $47.00. Kinetik shares last traded at $44.35, with a volume of 1,058,144 shares.

Analysts Set New Price Targets

Several research firms have recently issued reports on KNTK. Mizuho set a $48.00 target price on shares of Kinetik in a report on Wednesday, October 29th. Zacks Research lowered Kinetik from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Kinetik in a report on Thursday, January 22nd. Royal Bank Of Canada cut their target price on Kinetik from $52.00 to $46.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 19th. Finally, Citigroup lowered their price target on Kinetik from $55.00 to $46.00 and set a “buy” rating for the company in a research report on Friday, November 21st. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Kinetik currently has a consensus rating of “Hold” and an average price target of $46.00.

Kinetik Stock Performance

The firm has a 50-day moving average of $38.16 and a 200-day moving average of $38.71. The firm has a market capitalization of $7.24 billion, a P/E ratio of 106.62, a PEG ratio of 1.00 and a beta of 0.73.

Insider Activity at Kinetik

In other Kinetik news, insider Matthew Wall sold 8,083 shares of the business’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $36.05, for a total value of $291,392.15. Following the completion of the transaction, the insider owned 554,738 shares of the company’s stock, valued at approximately $19,998,304.90. The trade was a 1.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in KNTK. Vanguard Group Inc. grew its position in Kinetik by 9.4% in the 4th quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock worth $183,739,000 after purchasing an additional 439,586 shares during the period. Zimmer Partners LP bought a new position in shares of Kinetik during the 4th quarter valued at $98,611,000. Cohen & Steers Inc. boosted its stake in shares of Kinetik by 82.5% in the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after buying an additional 833,224 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in shares of Kinetik by 86.5% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company’s stock worth $66,455,000 after acquiring an additional 855,000 shares during the period. Finally, State Street Corp increased its position in Kinetik by 5.1% during the fourth quarter. State Street Corp now owns 1,643,532 shares of the company’s stock valued at $59,249,000 after acquiring an additional 79,474 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

About Kinetik

Kinetik (NYSE: KNTK) is a publicly listed midstream energy company focused on the development, operation and management of natural gas infrastructure across the United States. The company’s core business activities include the gathering, compression, processing, storage and transportation of natural gas, serving producers, utilities and industrial consumers. By integrating a suite of midstream services under a single platform, Kinetik aims to provide efficient, cost-effective and reliable solutions across the natural gas value chain.

The company was established in 2021 when assets were acquired from Talen Energy by a subsidiary of ArcLight Capital Partners, forming a comprehensive portfolio of pipelines, compression facilities and underground storage assets.