Kinetik Holdings Inc. (NYSE:KNTK – Get Free Report)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $51.74 and last traded at $51.26, with a volume of 30198 shares. The stock had previously closed at $51.11.
Wall Street Analysts Forecast Growth
KNTK has been the subject of a number of analyst reports. Wall Street Zen downgraded Kinetik from a “sell” rating to a “strong sell” rating in a report on Sunday, May 17th. Zacks Research raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 26th. Jefferies Financial Group reaffirmed a “hold” rating and set a $51.00 target price on shares of Kinetik in a report on Friday, May 8th. Scotiabank reiterated an “outperform” rating and issued a $52.00 target price (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Finally, US Capital Advisors raised shares of Kinetik from a “moderate buy” rating to a “strong-buy” rating in a report on Friday, May 29th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.50.
Read Our Latest Analysis on KNTK
Kinetik Stock Up 1.4%
Kinetik (NYSE:KNTK – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The business had revenue of $409.98 million for the quarter. During the same quarter in the previous year, the firm earned $0.05 EPS. The company’s revenue was down 7.5% compared to the same quarter last year. As a group, equities analysts predict that Kinetik Holdings Inc. will post 0.68 EPS for the current fiscal year.
Insider Buying and Selling at Kinetik
In related news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of Kinetik stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $50.52, for a total value of $27,006,173.28. Following the completion of the sale, the insider owned 428,894 shares in the company, valued at approximately $21,667,724.88. This trade represents a 55.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 910,907 shares of company stock worth $45,458,843 in the last ninety days. 3.56% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of KNTK. CWM LLC increased its position in shares of Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after purchasing an additional 352 shares during the last quarter. Signaturefd LLC grew its stake in shares of Kinetik by 101.5% during the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after purchasing an additional 404 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in Kinetik in the fourth quarter valued at $33,000. Los Angeles Capital Management LLC purchased a new position in Kinetik in the fourth quarter valued at $40,000. Finally, Huntington National Bank raised its stake in Kinetik by 139.1% in the fourth quarter. Huntington National Bank now owns 1,222 shares of the company’s stock valued at $44,000 after buying an additional 711 shares in the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.
Kinetik Company Profile
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.
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