Kinetik (NYSE:KNTK) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen cut shares of Kinetik (NYSE:KNTK) from a hold rating to a sell rating in a research report report published on Saturday morning.

Several other brokerages also recently commented on KNTK. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $50.00 target price (up from $49.00) on shares of Kinetik in a research note on Thursday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a research note on Thursday, January 22nd. Truist Financial initiated coverage on shares of Kinetik in a research report on Tuesday, March 24th. They set a “buy” rating and a $53.00 price objective for the company. Citigroup increased their price objective on shares of Kinetik from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd. Finally, Wolfe Research downgraded shares of Kinetik from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, January 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.08.

Kinetik Stock Performance

Shares of NYSE:KNTK opened at $46.59 on Friday. Kinetik has a 52 week low of $31.33 and a 52 week high of $49.55. The company has a market capitalization of $7.55 billion, a PE ratio of 18.13, a PEG ratio of 1.56 and a beta of 0.66. The company has a 50 day moving average price of $45.52 and a two-hundred day moving average price of $39.87.

Kinetik (NYSE:KNTK) last issued its earnings results on Thursday, February 26th. The company reported $2.16 EPS for the quarter, beating the consensus estimate of $0.15 by $2.01. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The firm had revenue of $430.42 million during the quarter. During the same period in the previous year, the company posted $0.01 EPS. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis.

Insider Activity at Kinetik

In related news, insider Steven Stellato sold 2,907 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total transaction of $136,396.44. Following the completion of the transaction, the insider owned 393,382 shares in the company, valued at approximately $18,457,483.44. This represents a 0.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Trevor Howard sold 1,619 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $75,963.48. Following the transaction, the insider owned 249,795 shares of the company’s stock, valued at $11,720,381.40. The trade was a 0.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 4,007,748 shares of company stock worth $179,763,536 over the last three months. 3.83% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in KNTK. CWM LLC boosted its holdings in Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after purchasing an additional 352 shares during the last quarter. Signaturefd LLC boosted its holdings in 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 during the last quarter. Kestra Advisory Services LLC acquired a new position in Kinetik during the fourth quarter worth $33,000. Los Angeles Capital Management LLC acquired a new position in Kinetik during the fourth quarter worth $40,000. Finally, Huntington National Bank boosted its holdings in Kinetik by 139.1% during the fourth quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $44,000 after purchasing an additional 711 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.