Kinetik (NYSE:KNTK) Price Target Raised to $59.00

Kinetik (NYSE:KNTK) had its price target hoisted by Truist Financial from $53.00 to $59.00 in a report issued on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also issued research reports about the stock. Wall Street Zen raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings raised shares of Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, July 6th. JPMorgan Chase & Co. raised their price objective on shares of Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Citigroup reiterated a “buy” rating and issued a $55.00 price objective (up from $52.00) on shares of Kinetik in a report on Tuesday. Finally, US Capital Advisors upgraded Kinetik from a “moderate buy” rating to a “strong-buy” rating in a research report on Friday, May 29th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $52.87.

Kinetik Price Performance

Shares of NYSE KNTK opened at $53.32 on Wednesday. The stock has a market capitalization of $8.66 billion, a PE ratio of 19.32, a P/E/G ratio of 1.70 and a beta of 0.56. Kinetik has a one year low of $31.33 and a one year high of $54.12. The business’s fifty day moving average price is $48.92 and its 200-day moving average price is $47.03.

Kinetik (NYSE:KNTK) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.45. The business had revenue of $581.44 million for the quarter, compared to analysts’ expectations of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.The firm’s quarterly revenue was up 36.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.33 EPS. As a group, equities analysts expect that Kinetik will post 0.97 EPS for the current fiscal year.

Insider Activity

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $50.52, for a total value of $11,889,831.48. Following the transaction, the insider directly owned 1,691,370 shares of the company’s stock, valued at approximately $85,448,012.40. This trade represents a 12.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Deborah L. Byers sold 2,739 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $51.51, for a total value of $141,085.89. Following the sale, the director owned 24,389 shares of the company’s stock, valued at approximately $1,256,277.39. This represents a 10.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 577,504 shares of company stock valued at $29,504,652 over the last ninety days. Corporate insiders own 3.56% of the company’s stock.

Hedge Funds Weigh In On Kinetik

A number of institutional investors and hedge funds have recently made changes to their positions in the business. CWM LLC raised its position in Kinetik by 89.8% in the fourth quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after acquiring an additional 352 shares during the period. Signaturefd LLC grew its position in shares of Kinetik by 101.5% during the 4th quarter. Signaturefd LLC now owns 802 shares of the company’s stock valued at $29,000 after acquiring an additional 404 shares during the period. Kestra Advisory Services LLC purchased a new stake in shares of Kinetik in the 4th quarter worth $33,000. Los Angeles Capital Management LLC purchased a new stake in shares of Kinetik in the 4th quarter worth $40,000. Finally, Huntington National Bank raised its holdings in Kinetik by 139.1% in the 4th 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 period. Hedge funds and other institutional investors 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.