Kinetik (NYSE:KNTK) Stock Price Target Raised at Barclays

Kinetik (NYSE:KNTK) had its target price raised by research analysts at Barclays from $51.00 to $56.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 0.81% from the stock’s previous close.

Several other equities analysts have also recently commented on the stock. Tudor Pickering began coverage on shares of Kinetik in a research note on Monday, July 20th. They set a “buy” rating and a $57.00 price objective for the company. Zacks Research raised shares of Kinetik from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 23rd. Wall Street Zen upgraded Kinetik from a “strong sell” rating to a “hold” rating in a report on Saturday, August 8th. Citigroup restated a “buy” rating and issued a $55.00 price objective (up from $52.00) on shares of Kinetik in a research report on Tuesday, August 11th. Finally, Truist Financial raised their price target on Kinetik from $53.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Kinetik has an average rating of “Moderate Buy” and an average price target of $54.33.

Kinetik Stock Up 1.9%

NYSE KNTK traded up $1.02 on Tuesday, reaching $55.55. The company had a trading volume of 604,885 shares, compared to its average volume of 1,178,678. Kinetik has a 52-week low of $31.33 and a 52-week high of $56.92. The stock has a market capitalization of $9.02 billion, a P/E ratio of 20.13, a P/E/G ratio of 1.32 and a beta of 0.61. The company’s fifty day moving average is $53.13 and its 200 day moving average is $49.95.

Kinetik (NYSE:KNTK) last announced its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, topping 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 firm had revenue of $581.44 million for the quarter, compared to the consensus estimate of $421.48 million. During the same quarter in the previous year, the business earned $0.33 EPS. The company’s revenue was up 36.3% compared to the same quarter last year. On average, research analysts expect that Kinetik will post 1.30 EPS for the current year.

Insider Activity at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 58,464 shares of Kinetik stock in a transaction dated Wednesday, October 7th. The stock was sold at an average price of $53.79, for a total transaction of $3,144,778.56. Following the transaction, the insider directly owned 216,020 shares of the company’s stock, valued at $11,619,715.80. The trade was a 21.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders sold 1,715,613 shares of company stock valued at $90,707,901. Corporate insiders own 3.56% of the company’s stock.

Institutional Trading of Kinetik

Several hedge funds have recently bought and sold shares of KNTK. Miller Howard Investments Inc. NY grew its holdings in shares of Kinetik by 69.4% in the first quarter. Miller Howard Investments Inc. NY now owns 146,317 shares of the company’s stock valued at $7,083,000 after purchasing an additional 59,942 shares in the last quarter. Infrastructure Capital Advisors LLC bought a new stake in Kinetik in the fourth quarter worth about $9,323,000. Bank of New York Mellon Corp bought a new position in Kinetik in the 2nd quarter valued at $17,364,000. Squarepoint Ops LLC purchased a new stake in shares of Kinetik during the second quarter valued at $2,790,000. Finally, NEOS Investment Management LLC grew its stake in Kinetik by 30.9% in the 2nd quarter. NEOS Investment Management LLC now owns 392,128 shares of the company’s stock worth $18,955,000 after acquiring an additional 92,637 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

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.