Citigroup Lowers Kinetik (NASDAQ:KNTK) to Neutral

Kinetik (NASDAQ:KNTK) was downgraded by equities research analysts at Citigroup from a “buy” rating to a “neutral” rating in a research report issued on Wednesday, FlyOnTheWall reports.

KNTK has been the subject of several other research reports. Jonestrading assumed coverage on Kinetik in a research report on Wednesday, August 2nd. They set a “buy” rating and a $43.00 price objective for the company. Morgan Stanley reissued an “equal weight” rating and set a $41.00 price objective on shares of Kinetik in a research report on Tuesday, July 18th. Scotiabank raised their price objective on Kinetik from $37.00 to $39.00 and gave the company an “outperform” rating in a research report on Tuesday, August 29th. US Capital Advisors lowered Kinetik from an “overweight” rating to a “hold” rating in a research report on Thursday, August 17th. Finally, Mizuho raised their price target on Kinetik from $37.00 to $39.00 and gave the company a “buy” rating in a report on Friday, July 21st. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $39.29.

Kinetik Stock Down 4.1 %

Shares of KNTK stock opened at $33.85 on Wednesday. The stock has a fifty day moving average of $35.49 and a 200 day moving average of $32.72. Kinetik has a 52 week low of $26.32 and a 52 week high of $40.59. The firm has a market capitalization of $4.94 billion, a price-to-earnings ratio of 20.64, a PEG ratio of 1.33 and a beta of 2.63.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings results on Monday, August 7th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.09. Kinetik had a negative return on equity of 13.23% and a net margin of 8.88%. The company had revenue of $296.20 million during the quarter, compared to analyst estimates of $296.33 million. Equities research analysts anticipate that Kinetik will post 1.55 earnings per share for the current year.

Insider Buying and Selling

In other Kinetik news, insider Jamie Welch acquired 8,125 shares of Kinetik stock in a transaction that occurred on Monday, August 21st. The stock was bought at an average cost of $35.24 per share, for a total transaction of $286,325.00. Following the acquisition, the insider now owns 3,337,273 shares of the company’s stock, valued at $117,605,500.52. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.62% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of KNTK. UBS Group AG purchased a new position in Kinetik in the third quarter worth about $84,000. Tower Research Capital LLC TRC purchased a new position in Kinetik in the third quarter worth about $37,000. Dimensional Fund Advisors LP purchased a new position in Kinetik in the third quarter worth about $2,099,000. Credit Suisse AG purchased a new position in Kinetik in the third quarter worth about $724,000. Finally, Nuveen Asset Management LLC purchased a new position in Kinetik in the third quarter worth about $2,515,000.

Kinetik Company Profile

Kinetik Holdings, Inc provides oil and gas production and distribution services. It operates through the Midstream Logistics and Pipeline Transportation segments. The Midstream Logistics segment is involved in the following service offerings: gas gathering and processing, crude oil gathering, stabilization and storage services, and water gathering and disposal.