Zacks Research upgraded shares of Kinetik (NYSE:KNTK – Free Report) from a hold rating to a strong-buy rating in a research note published on Monday,Zacks.com reports.
Several other equities analysts also recently weighed in on the company. Weiss Ratings raised Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 6th. Mizuho boosted their target price on Kinetik from $48.00 to $51.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Jefferies Financial Group reissued a “hold” rating and issued a $51.00 target price on shares of Kinetik in a report on Friday, May 8th. Citigroup restated a “buy” rating and issued a $52.00 price target (up from $51.00) on shares of Kinetik in a research report on Tuesday, May 12th. Finally, Scotiabank reaffirmed an “outperform” rating and set a $52.00 price target (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Three investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Kinetik presently has an average rating of “Moderate Buy” and a consensus price target of $50.50.
Get Our Latest Stock Analysis on KNTK
Kinetik Trading Up 1.2%
Kinetik (NYSE:KNTK – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). The company had revenue of $409.98 million for the quarter. Kinetik had a net margin of 28.58% and a negative return on equity of 36.36%. The company’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same period last year, the firm posted $0.05 EPS. Analysts predict that Kinetik will post 0.81 EPS for the current year.
Insider Activity
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 stock was sold at an average price of $50.52, for a total transaction of $27,006,173.28. Following the completion of the transaction, the insider directly owned 428,894 shares in the company, valued at $21,667,724.88. The trade was a 55.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.56% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Kinetik
Several hedge funds have recently bought and sold shares of KNTK. CWM LLC lifted its position in shares of Kinetik by 89.8% in the fourth quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after acquiring an additional 352 shares in the last quarter. Signaturefd LLC boosted its stake in shares of Kinetik by 101.5% during the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock valued at $29,000 after acquiring an additional 404 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in Kinetik during the 4th quarter worth about $33,000. Los Angeles Capital Management LLC purchased a new stake in Kinetik during the 4th quarter worth about $40,000. Finally, Huntington National Bank raised its stake in Kinetik by 139.1% in the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock valued at $44,000 after purchasing an additional 711 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.
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.
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