Kinetik Holdings Inc. (NYSE:KNTK) Stock Has Average Target Price of $56.36

Shares of Kinetik Holdings Inc. (NYSE:KNTK) have been assigned a consensus rating of “Moderate Buy” from the nineteen brokerages that are covering the stock, MarketBeat.com reports. Seven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $56.36.

A number of analysts have recently weighed in on the stock. Barclays upped their target price on shares of Kinetik from $51.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 13th. Morgan Stanley lowered their price target on shares of Kinetik from $67.00 to $64.00 and set an “overweight” rating for the company in a research report on Tuesday. Truist Financial lifted their price target on shares of Kinetik from $53.00 to $59.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Citigroup reissued a “buy” rating and set a $55.00 price objective (up from $52.00) on shares of Kinetik in a research note on Tuesday, August 11th. Finally, Tudor Pickering started coverage on shares of Kinetik in a report on Monday, July 20th. They issued a “buy” rating and a $57.00 price objective on the stock.

Kinetik Stock Up 0.7%

Shares of KNTK stock opened at $54.88 on Friday. The stock has a market cap of $8.91 billion, a price-to-earnings ratio of 18.35, a PEG ratio of 1.28 and a beta of 0.67. The business’s fifty day moving average is $53.69 and its 200 day moving average is $49.30. Kinetik has a twelve month low of $31.33 and a twelve month high of $58.90.

Kinetik (NYSE:KNTK) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.14). The firm had revenue of $569.40 million for the quarter. Kinetik had a net margin of 25.65% and a negative return on equity of 42.78%. The company’s revenue for the quarter was up 22.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.03 earnings per share. Equities research analysts expect that Kinetik will post 1.36 earnings per share for the current fiscal year.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 14,889 shares of the company’s stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $55.07, for a total value of $819,937.23. Following the sale, the insider owned 961,114 shares in the company, valued at $52,928,547.98. This represents a 1.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders sold 3,167,780 shares of company stock valued at $172,804,708. Insiders own 3.56% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in KNTK. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in Kinetik by 1.2% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,773,000 shares of the company’s stock worth $89,005,000 after acquiring an additional 21,000 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Kinetik by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock valued at $33,285,000 after acquiring an additional 8,513 shares in the last quarter. Pictet Asset Management Holding SA increased its holdings in shares of Kinetik by 6.8% during the third quarter. Pictet Asset Management Holding SA now owns 481,466 shares of the company’s stock valued at $24,170,000 after acquiring an additional 30,550 shares in the last quarter. Public Sector Pension Investment Board raised its position in shares of Kinetik by 115.7% in the 3rd quarter. Public Sector Pension Investment Board now owns 387,130 shares of the company’s stock worth $21,385,000 after purchasing an additional 207,613 shares during the last quarter. Finally, NEOS Investment Management LLC raised its position in shares of 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 purchasing an additional 92,637 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

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.