Barclays Issues Positive Forecast for Kinetik (NYSE:KNTK) Stock Price

Kinetik (NYSE:KNTK) had its target price lifted by Barclays from $40.00 to $43.00 in a research note released on Thursday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Other equities analysts have also issued research reports about the company. Raymond James Financial set a $46.00 target price on Kinetik in a research note on Monday, January 5th. Wolfe Research lowered Kinetik from an “outperform” rating to a “peer perform” rating in a report on Tuesday, January 27th. Weiss Ratings reissued a “hold (c)” rating on shares of Kinetik in a report on Thursday, January 22nd. Zacks Research downgraded shares of Kinetik from a “hold” rating to a “strong sell” rating in a research note on Monday, January 5th. Finally, Wells Fargo & Company raised their price target on shares of Kinetik from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Friday, February 27th. Six investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $45.55.

Kinetik Trading Up 0.2%

KNTK stock opened at $45.70 on Thursday. The firm has a market capitalization of $7.38 billion, a PE ratio of 17.78, a PEG ratio of 1.11 and a beta of 0.70. Kinetik has a 1-year low of $31.33 and a 1-year high of $54.94. The business’s 50 day simple moving average is $40.42 and its 200 day simple moving average is $39.03.

Kinetik (NYSE:KNTK) last issued its quarterly earnings data on Thursday, February 26th. The company reported $2.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $2.01. The company had revenue of $430.42 million for the quarter. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. Kinetik’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.01 earnings per share.

Insiders Place Their Bets

In related news, insider Matthew Wall sold 8,083 shares of the business’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $36.05, for a total value of $291,392.15. Following the completion of the transaction, the insider owned 554,738 shares of the company’s stock, valued at $19,998,304.90. The trade was a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $44.85, for a total transaction of $179,400,000.00. Following the sale, the insider directly owned 1 shares of the company’s stock, valued at $44.85. This represents a 100.00% decrease in their position. The SEC filing for this sale provides additional information. 3.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in KNTK. Vanguard Group Inc. raised its position in Kinetik by 9.4% during the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock valued at $183,739,000 after purchasing an additional 439,586 shares in the last quarter. Zimmer Partners LP bought a new position in shares of Kinetik in the 4th quarter valued at $98,611,000. Cohen & Steers Inc. raised its holdings in shares of Kinetik by 82.5% during the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after buying an additional 833,224 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position in shares of Kinetik by 86.5% during the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company’s stock worth $66,455,000 after buying an additional 855,000 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of Kinetik by 22.4% during the 4th quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock worth $63,997,000 after buying an additional 325,251 shares during the last quarter. 21.11% of the stock is owned by institutional investors.

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.