Kinetik (NYSE:KNTK) Price Target Raised to $58.00

Kinetik (NYSE:KNTK) had its price objective hoisted by Royal Bank Of Canada from $57.00 to $58.00 in a research note published on Wednesday, MarketBeat.com reports. The brokerage currently has an outperform rating on the stock.

Several other equities research analysts also recently issued reports on KNTK. Barclays raised their price target on Kinetik from $51.00 to $56.00 and gave the company an “equal weight” rating in a research report on Tuesday. Wall Street Zen raised Kinetik from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 8th. Jefferies Financial Group reissued a “hold” rating and set a $56.00 price objective on shares of Kinetik in a research report on Wednesday, September 9th. Raymond James Financial restated an “outperform” rating and set a $55.00 target price on shares of Kinetik in a research note on Friday, August 7th. Finally, Weiss Ratings raised Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Kinetik has an average rating of “Moderate Buy” and an average target price of $55.67.

Kinetik Trading Up 3.4%

NYSE:KNTK opened at $55.26 on Wednesday. Kinetik has a 1 year low of $31.33 and a 1 year high of $56.92. The firm’s fifty day simple moving average is $53.59 and its 200 day simple moving average is $50.12. The firm has a market capitalization of $8.97 billion, a PE ratio of 18.05, a PEG ratio of 1.23 and a beta of 0.61.

Kinetik (NYSE:KNTK) last announced its earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.19 by $0.45. The firm had revenue of $581.44 million for the quarter, compared to the consensus estimate of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business’s quarterly revenue was up 36.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.33 EPS. As a group, analysts anticipate that Kinetik will post 1.40 EPS for the current fiscal year.

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 2,000,000 shares of the company’s stock in a transaction on Tuesday, October 13th. The shares were sold at an average price of $54.77, for a total transaction of $109,540,000.00. Following the completion of the transaction, the insider directly owned 1 shares in the company, valued at $54.77. This represents a 100.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 3,931,632 shares of company stock worth $211,967,059 over the last 90 days. Insiders own 3.56% of the company’s stock.

Institutional Trading of Kinetik

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fort Washington Investment Advisors Inc. OH lifted its stake in shares of Kinetik by 13.1% in the third quarter. Fort Washington Investment Advisors Inc. OH now owns 25,265 shares of the company’s stock valued at $1,268,000 after buying an additional 2,936 shares during the period. Tidal Investments LLC grew its position in Kinetik by 19.8% during the second quarter. Tidal Investments LLC now owns 29,777 shares of the company’s stock worth $1,439,000 after buying an additional 4,930 shares in the last quarter. Engineers Gate Manager LP bought a new position in Kinetik during the second quarter valued at about $259,000. Integrated Wealth Concepts LLC bought a new position in Kinetik during the second quarter valued at about $71,000. Finally, NewEdge Advisors LLC increased its stake in Kinetik by 12.9% during the second quarter. NewEdge Advisors LLC now owns 46,187 shares of the company’s stock valued at $2,233,000 after acquiring an additional 5,269 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Company Profile

Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides infrastructure and logistics services for natural gas, natural gas liquids (NGLs), crude oil and produced water. The company primarily serves producers operating in the Delaware Basin, a major oil and gas-producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik’s operations include natural gas gathering, compression, processing and transportation, as well as NGL transportation and pipeline logistics.