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

Kinetik (NYSE:KNTK) had its price target increased by Wells Fargo & Company from $40.00 to $44.00 in a research note released on Friday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other research analysts have also weighed in on the company. Zacks Research lowered Kinetik from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. Jefferies Financial Group cut Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price objective on the stock. in a report on Friday, February 6th. Scotiabank reiterated an “outperform” rating and issued a $48.00 price objective on shares of Kinetik in a research report on Friday, January 16th. The Goldman Sachs Group dropped their target price on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a report on Monday, November 17th. Finally, Raymond James Financial set a $46.00 price target on shares of Kinetik in a research note on Monday, January 5th. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Kinetik has a consensus rating of “Hold” and a consensus price target of $44.73.

Kinetik Stock Down 3.3%

Kinetik stock traded down $1.55 during midday trading on Friday, hitting $45.45. 3,902,290 shares of the stock were exchanged, compared to its average volume of 1,666,212. The stock has a market capitalization of $7.34 billion, a PE ratio of 17.68, a P/E/G ratio of 1.15 and a beta of 0.73. The company has a fifty day simple moving average of $39.56 and a two-hundred day simple moving average of $38.90. Kinetik has a 52 week low of $31.33 and a 52 week high of $59.74.

Kinetik (NYSE:KNTK) last posted its earnings results on Thursday, February 26th. The company reported $2.16 earnings per share for the quarter, topping the consensus estimate of $0.15 by $2.01. The company had revenue of $430.42 million for the quarter. Kinetik had a net margin of 29.23% and a negative return on equity of 26.88%. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter last year, the business posted $0.01 earnings per share.

Insiders Place Their Bets

In other Kinetik news, insider Matthew Wall sold 8,083 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $36.05, for a total transaction of $291,392.15. Following the transaction, the insider owned 554,738 shares of the company’s stock, valued at $19,998,304.90. The trade was a 1.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.83% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Kinetik

Several hedge funds and other institutional investors have recently made changes to their positions in KNTK. Chickasaw Capital Management LLC grew its holdings in Kinetik by 63.9% during the third quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company’s stock worth $46,948,000 after purchasing an additional 428,103 shares during the period. Public Sector Pension Investment Board bought a new stake in Kinetik in the 3rd quarter valued at $7,277,000. Dynamic Technology Lab Private Ltd lifted its stake in shares of Kinetik by 86.9% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 17,360 shares of the company’s stock worth $765,000 after buying an additional 8,070 shares during the last quarter. Fort Washington Investment Advisors Inc. OH lifted its position in Kinetik by 90.5% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 61,695 shares of the company’s stock worth $2,637,000 after acquiring an additional 29,303 shares during the last quarter. Finally, Eagle Global Advisors LLC lifted its holdings in Kinetik by 70.7% during the 3rd quarter. Eagle Global Advisors LLC now owns 449,980 shares of the company’s stock worth $19,232,000 after purchasing an additional 186,444 shares during the last quarter. 21.11% of the stock is owned by institutional investors.

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.