Kinetik Holdings Inc. (NYSE:KNTK – Get Free Report) reached a new 52-week high during trading on Thursday . The stock traded as high as $56.92 and last traded at $54.42, with a volume of 244392 shares changing hands. The stock had previously closed at $54.55.
Analyst Ratings Changes
Several research firms have recently weighed in on KNTK. Raymond James Financial reiterated an “outperform” rating and issued a $55.00 target price on shares of Kinetik in a research note on Friday, August 7th. Scotiabank restated an “outperform” rating and set a $58.00 price target (up from $52.00) on shares of Kinetik in a research note on Thursday. US Capital Advisors raised shares of Kinetik from a “moderate buy” rating to a “strong-buy” rating in a report on Friday, May 29th. Wells Fargo & Company reiterated an “overweight” rating and issued a $54.00 price objective on shares of Kinetik in a research note on Monday, August 10th. Finally, Barclays set a $51.00 target price on shares of Kinetik and gave the company an “equal weight” rating in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Kinetik has a consensus rating of “Moderate Buy” and an average target price of $54.00.
Get Our Latest Analysis on Kinetik
Kinetik Stock Performance
Kinetik (NYSE:KNTK – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.45. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The firm had revenue of $581.44 million for the quarter, compared to analysts’ expectations of $421.48 million. During the same period in the prior year, the business posted $0.33 earnings per share. The company’s revenue was up 36.3% on a year-over-year basis. Sell-side analysts predict that Kinetik Holdings Inc. will post 1.3 EPS for the current fiscal year.
Insider Buying and Selling
In related news, major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $50.52, for a total transaction of $11,889,831.48. Following the sale, the insider owned 1,691,370 shares of the company’s stock, valued at approximately $85,448,012.40. This represents a 12.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 1,203,305 shares of company stock worth $63,061,514 over the last three months. 3.56% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the company. Tidal Investments LLC increased its holdings in shares of Kinetik by 19.8% in the second quarter. Tidal Investments LLC now owns 29,777 shares of the company’s stock worth $1,439,000 after purchasing an additional 4,930 shares during the period. Engineers Gate Manager LP purchased a new stake in shares of Kinetik in the second quarter worth $259,000. Integrated Wealth Concepts LLC bought a new stake in Kinetik during the second quarter valued at $71,000. NewEdge Advisors LLC boosted its stake in Kinetik by 12.9% during the second quarter. NewEdge Advisors LLC now owns 46,187 shares of the company’s stock valued at $2,233,000 after buying an additional 5,269 shares during the period. Finally, IFP Advisors Inc boosted its stake in Kinetik by 28.3% during the second quarter. IFP Advisors Inc now owns 3,101 shares of the company’s stock valued at $150,000 after buying an additional 684 shares during the period. 21.11% of the stock is owned by institutional investors.
Kinetik Company Profile
Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides gathering, processing, transportation and logistics services for oil and natural gas producers. The company’s operations are focused primarily on the Delaware Basin, a major producing region within the Permian Basin of West Texas and southeastern New Mexico.
Kinetik’s services include natural gas gathering and processing, natural gas liquids transportation and handling, crude oil logistics, and long-haul natural gas transportation.
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