Wells Fargo & Company Issues Positive Forecast for Kinetik (NYSE:KNTK) Stock Price

Kinetik (NYSE:KNTK) had its price target lifted by Wells Fargo & Company from $54.00 to $56.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 15.18% from the company’s previous close.

A number of other research analysts also recently commented on the stock. Wall Street Zen raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 8th. Scotiabank reiterated an “outperform” rating and issued a $59.00 target price on shares of Kinetik in a research report on Thursday, October 15th. Barclays lifted their target price on shares of Kinetik from $51.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 13th. Royal Bank Of Canada boosted their price target on shares of Kinetik from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, October 14th. Finally, Raymond James Financial restated an “outperform” rating and set a $57.00 price target on shares of Kinetik in a report on Tuesday, October 20th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.57.

Kinetik Trading Down 0.3%

Shares of NYSE KNTK opened at $48.62 on Monday. Kinetik has a one year low of $31.33 and a one year high of $58.90. The business has a 50-day moving average price of $53.84 and a two-hundred day moving average price of $48.96. The firm has a market capitalization of $7.89 billion, a PE ratio of 16.26, a PEG ratio of 1.08 and a beta of 0.67.

Kinetik (NYSE:KNTK) last issued its earnings results on Wednesday, November 4th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.14). The business had revenue of $569.40 million during the quarter. Kinetik had a net margin of 25.65% and a negative return on equity of 42.78%. Kinetik’s revenue for the quarter was up 22.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.03 EPS. Research analysts anticipate that Kinetik will post 1.44 EPS for the current year.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 14,889 shares of the business’s stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $55.07, for a total value of $819,937.23. Following the completion of the sale, the insider directly owned 961,114 shares of the company’s stock, valued at $52,928,547.98. The trade was a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 3,627,971 shares of company stock valued at $196,817,834 in the last ninety days. 3.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in KNTK. Bank of New York Mellon Corp bought a new stake in shares of Kinetik during the 2nd quarter worth $17,364,000. M&G PLC acquired a new position in Kinetik in the 3rd quarter valued at $13,096,000. 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 valued at $18,955,000 after buying an additional 92,637 shares during the last quarter. Pinnacle Holdings LLC bought a new position in Kinetik in the 2nd quarter worth $4,476,000. Finally, Quantinno Capital Management LP raised its holdings in Kinetik by 240.5% in the 1st quarter. Quantinno Capital Management LP now owns 102,047 shares of the company’s stock worth $4,940,000 after acquiring an additional 72,077 shares during the period. 21.11% of the stock is owned by institutional investors.

Kinetik Company Profile

Kinetik Holdings provides midstream services to oil and natural gas producers operating in the Permian Basin, with a focus on the Delaware Basin in West Texas and southeastern New Mexico. Its services connect producing wells to downstream markets and other energy infrastructure.

The company’s operations include natural gas gathering, compression, processing and transportation, as well as crude oil gathering and produced-water gathering, recycling and disposal. Kinetik also provides related infrastructure and commercial services to its producer customers.

Kinetik was formed in 2022 through the merger of EagleClaw Midstream and Altus Midstream.