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

Kinetik (NYSE:KNTK) had its price target lifted by analysts at Royal Bank Of Canada from $46.00 to $49.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price points to a potential upside of 8.67% from the company’s previous close.

A number of other research analysts also recently commented on the company. Citigroup increased their target price on Kinetik from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Monday, March 2nd. Wells Fargo & Company upped their target price on Kinetik from $40.00 to $44.00 and gave the company an “equal weight” rating in a research report on Friday, February 27th. Zacks Research lowered Kinetik from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. The Goldman Sachs Group decreased their price objective 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 objective on Kinetik in a research report on Monday, January 5th. Six research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $45.82.

Kinetik Price Performance

Shares of KNTK opened at $45.09 on Tuesday. The company has a market capitalization of $7.29 billion, a P/E ratio of 17.54, a P/E/G ratio of 1.11 and a beta of 0.69. The firm’s 50 day simple moving average is $40.81 and its 200 day simple moving average is $39.10. Kinetik has a 1-year low of $31.33 and a 1-year high of $54.94.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $2.01. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The company had revenue of $430.42 million during the quarter. During the same period in the previous year, the company earned $0.01 earnings per share. Kinetik’s quarterly revenue was up 11.5% on a year-over-year basis.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $44.85, for a total transaction of $179,400,000.00. Following the completion of the transaction, the insider directly owned 1 shares in the company, valued at approximately $44.85. The trade was a 100.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Steven Stellato sold 2,907 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $136,396.44. Following the completion of the transaction, the insider directly owned 393,382 shares in the company, valued at $18,457,483.44. This represents a 0.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 4,015,831 shares of company stock worth $180,054,928. 3.83% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Kinetik

A number of large investors have recently added to or reduced their stakes in KNTK. Invesco Ltd. lifted its position in shares of Kinetik by 22.4% in the 4th quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock worth $63,997,000 after acquiring an additional 325,251 shares during the period. Vident Advisory LLC lifted its stake in shares of Kinetik by 0.8% in the 4th quarter. Vident Advisory LLC now owns 61,246 shares of the company’s stock valued at $2,208,000 after purchasing an additional 500 shares during the period. Yaupon Capital Management LP acquired a new position in shares of Kinetik in the 4th quarter valued at $5,698,000. Zimmer Partners LP bought a new stake in shares of Kinetik during the fourth quarter worth $98,611,000. Finally, Virtus Investment Advisers LLC bought a new stake in shares of Kinetik in the fourth quarter worth $170,000. Institutional investors own 21.11% of the company’s stock.

Kinetik Company Profile

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.