Jefferies Financial Group Initiates Coverage on Kinetik (NYSE:KNTK)

Research analysts at Jefferies Financial Group began coverage on shares of Kinetik (NYSE:KNTK) in a research report issued on Tuesday, MarketBeat reports. The firm set a “buy” rating and a $41.00 price target on the stock. Jefferies Financial Group’s price target would indicate a potential upside of 14.43% from the company’s current price.

Other analysts have also recently issued research reports about the company. Royal Bank Of Canada dropped their price objective on Kinetik from $52.00 to $46.00 and set an “outperform” rating on the stock in a report on Wednesday, November 19th. Zacks Research raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 13th. Wolfe Research reiterated an “outperform” rating and issued a $42.00 target price on shares of Kinetik in a research note on Friday, November 7th. Mizuho set a $48.00 price target on shares of Kinetik in a research report on Wednesday, October 29th. Finally, Barclays dropped their price objective on Kinetik from $43.00 to $40.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. Eight investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.27.

Kinetik Stock Performance

Shares of Kinetik stock opened at $35.83 on Tuesday. The stock has a market capitalization of $5.79 billion, a P/E ratio of 85.31, a P/E/G ratio of 1.88 and a beta of 0.78. Kinetik has a 52-week low of $31.33 and a 52-week high of $67.60. The stock’s 50-day simple moving average is $36.88 and its 200 day simple moving average is $40.74.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.20). Kinetik had a net margin of 6.70% and a negative return on equity of 5.74%. The business had revenue of $463.97 million during the quarter, compared to the consensus estimate of $604.57 million. During the same period last year, the firm earned $0.35 EPS. The business’s revenue for the quarter was up 17.1% on a year-over-year basis.

Insider Buying and Selling

In other Kinetik news, insider Jamie Welch purchased 8,000 shares of the firm’s stock in a transaction on Monday, November 10th. The shares were purchased at an average cost of $34.57 per share, with a total value of $276,560.00. Following the completion of the purchase, the insider owned 3,687,791 shares of the company’s stock, valued at $127,486,934.87. The trade was a 0.22% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.83% of the stock is owned by insiders.

Hedge Funds Weigh In On Kinetik

Institutional investors and hedge funds have recently made changes to their positions in the business. BlueCrest Capital Management Ltd purchased a new position in Kinetik in the 3rd quarter worth $513,000. CIBC Private Wealth Group LLC increased its holdings in shares of Kinetik by 49.7% in the third quarter. CIBC Private Wealth Group LLC now owns 643,338 shares of the company’s stock worth $27,496,000 after buying an additional 213,694 shares during the period. CIBC Bancorp USA Inc. bought a new stake in shares of Kinetik in the 3rd quarter valued at about $202,000. WBI Investments LLC bought a new position in Kinetik during the 3rd quarter worth approximately $947,000. Finally, Wilmington Savings Fund Society FSB bought a new position in Kinetik during the 3rd quarter worth approximately $87,000. Institutional investors own 21.11% of the company’s stock.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.