Kinetik Holdings Inc. (NYSE:KNTK) Receives Consensus Rating of “Moderate Buy” from Brokerages

Kinetik Holdings Inc. (NYSE:KNTK) has received a consensus rating of “Moderate Buy” from the twelve research firms that are currently covering the firm, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $50.90.

Several research analysts have recently issued reports on the company. Wolfe Research restated an “outperform” rating and issued a $42.00 price objective on shares of Kinetik in a research note on Friday. Zacks Research raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 13th. The Goldman Sachs Group set a $46.00 target price on shares of Kinetik in a report on Tuesday, October 14th. Weiss Ratings restated a “hold (c)” rating on shares of Kinetik in a research report on Wednesday, October 8th. Finally, Barclays cut their price target on Kinetik from $43.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 8th.

Kinetik Price Performance

Shares of KNTK opened at $33.97 on Tuesday. The company’s fifty day moving average price is $40.04 and its 200-day moving average price is $41.81. Kinetik has a 1-year low of $33.81 and a 1-year high of $67.60. The firm has a market capitalization of $5.50 billion, a PE ratio of 80.88, a price-to-earnings-growth ratio of 1.03 and a beta of 3.07.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.20). The firm had revenue of $463.97 million for the quarter, compared to analyst estimates of $604.57 million. Kinetik had a negative return on equity of 5.39% and a net margin of 6.70%.The business’s revenue was up 17.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.35 EPS.

Insider Transactions at Kinetik

In related news, insider Jamie Welch acquired 8,000 shares of the stock in a transaction on Monday, November 10th. The shares were acquired at an average price of $34.57 per share, for a total transaction of $276,560.00. Following the transaction, the insider owned 3,687,791 shares in the company, valued at approximately $127,486,934.87. This trade represents a 0.22% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Kinetik

Several large investors have recently made changes to their positions in the company. Bell Investment Advisors Inc acquired a new stake in Kinetik during the first quarter valued at $41,000. Nisa Investment Advisors LLC increased its stake in shares of Kinetik by 141.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company’s stock valued at $59,000 after purchasing an additional 664 shares in the last quarter. Chung Wu Investment Group LLC acquired a new position in Kinetik in the 2nd quarter worth about $56,000. Comerica Bank raised 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 purchasing an additional 732 shares during the period. Finally, Fifth Third Bancorp grew its holdings in Kinetik by 269.2% in the third quarter. Fifth Third Bancorp now owns 1,569 shares of the company’s stock valued at $67,000 after purchasing an additional 1,144 shares during the period. 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.