Shares of Kinetik Holdings Inc. (NYSE:KNTK – Get Free Report) have been given a consensus recommendation of “Moderate Buy” by the nineteen research firms that are presently covering the firm, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $53.2667.
Several brokerages have recently weighed in on KNTK. Wells Fargo & Company restated an “overweight” rating and set a $54.00 price objective on shares of Kinetik in a research report on Monday, August 10th. US Capital Advisors upgraded Kinetik from a “moderate buy” rating to a “strong-buy” rating in a report on Friday, May 29th. Clear Str downgraded shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. JPMorgan Chase & Co. lifted their price objective on shares of Kinetik from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. Finally, Citigroup reiterated a “buy” rating and issued a $55.00 target price (up from $52.00) on shares of Kinetik in a research report on Tuesday, August 11th.
Get Our Latest Stock Report on KNTK
Kinetik Stock Performance
Kinetik (NYSE:KNTK – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.45. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The business had revenue of $581.44 million during the quarter, compared to analysts’ expectations of $421.48 million. During the same period in the previous year, the firm posted $0.33 earnings per share. The company’s revenue was up 36.3% on a year-over-year basis. As a group, equities research analysts forecast that Kinetik will post 1.3 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of Kinetik stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $50.52, for a total transaction of $11,889,831.48. Following the transaction, the insider owned 1,691,370 shares in the company, valued at approximately $85,448,012.40. The trade was a 12.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have sold 1,134,497 shares of company stock worth $59,265,751. Insiders own 3.56% of the company’s stock.
Institutional Investors Weigh In On Kinetik
A number of large investors have recently bought and sold shares of KNTK. California State Teachers Retirement System lifted its position in shares of Kinetik by 4,839.8% during the 2nd quarter. California State Teachers Retirement System now owns 2,898,031 shares of the company’s stock worth $140,091,000 after purchasing an additional 2,839,364 shares during the last quarter. NEOS Investment Management LLC lifted its stake in shares of Kinetik by 30.9% during the second quarter. NEOS Investment Management LLC now owns 392,128 shares of the company’s stock valued at $18,955,000 after acquiring an additional 92,637 shares during the period. iSAM Funds UK Ltd boosted its position in Kinetik by 11.9% during the second quarter. iSAM Funds UK Ltd now owns 6,400 shares of the company’s stock valued at $309,000 after purchasing an additional 680 shares during the last quarter. Nykredit A S acquired a new position in Kinetik during the second quarter worth approximately $109,000. Finally, Pinnacle Holdings LLC acquired a new stake in Kinetik during the 2nd quarter worth approximately $4,476,000. 21.11% of the stock is currently owned by 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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