Kinetik (NYSE:KNTK) Price Target Raised to $49.00

Kinetik (NYSE:KNTK) had its target price lifted by Royal Bank Of Canada from $46.00 to $49.00 in a research note released on Tuesday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts have also recently commented on KNTK. Citigroup boosted their price objective on Kinetik from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Wall Street Zen lowered Kinetik from a “hold” rating to a “sell” rating in a research note on Sunday, March 8th. Scotiabank raised their target price on Kinetik from $48.00 to $49.00 and gave the company a “sector outperform” rating in a report on Thursday, March 5th. Wells Fargo & Company boosted their price target on Kinetik from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Friday, February 27th. Finally, Barclays upped their price target on Kinetik from $40.00 to $43.00 and gave the stock an “equal weight” rating in a report on Thursday, March 5th. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $45.82.

Kinetik Stock Down 1.9%

KNTK opened at $45.26 on Tuesday. Kinetik has a 52-week low of $31.33 and a 52-week high of $54.94. The company has a 50 day moving average of $41.38 and a two-hundred day moving average of $39.22. The company has a market cap of $7.31 billion, a P/E ratio of 17.61, a P/E/G ratio of 1.28 and a beta of 0.70.

Kinetik (NYSE:KNTK) last posted its earnings results 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. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The business had revenue of $430.42 million for the quarter. During the same quarter in the previous year, the firm posted $0.01 EPS. The business’s revenue was up 11.5% compared to the same quarter last year.

Insiders Place Their Bets

In related news, insider Trevor Howard sold 1,619 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $75,963.48. Following the transaction, the insider owned 249,795 shares in the company, valued at approximately $11,720,381.40. The trade was a 0.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $44.85, for a total value of $179,400,000.00. Following the completion of the transaction, 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 disclosure for this sale is available in the SEC filing. Insiders have sold 4,015,831 shares of company stock valued at $180,054,928 over the last ninety days. Insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Kinetik

A number of institutional investors have recently made changes to their positions in the business. CWM LLC boosted its stake in shares of Kinetik by 89.8% during the 4th quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after buying an additional 352 shares during the last quarter. Signaturefd LLC increased its stake in shares of Kinetik by 101.5% in the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after buying an additional 404 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in Kinetik in the fourth quarter valued at $33,000. Los Angeles Capital Management LLC acquired a new stake in Kinetik in the fourth quarter valued at $40,000. Finally, Huntington National Bank boosted its stake in Kinetik by 139.1% during the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock valued at $44,000 after acquiring an additional 711 shares during the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

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.