Kinetik (NYSE:KNTK) Given New $53.00 Price Target at Royal Bank Of Canada

Kinetik (NYSE:KNTK) had its price target raised by stock analysts at Royal Bank Of Canada from $50.00 to $53.00 in a report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price suggests a potential upside of 16.48% from the stock’s current price.

KNTK has been the subject of several other reports. Truist Financial initiated coverage on shares of Kinetik in a research note on Tuesday, March 24th. They issued a “buy” rating and a $53.00 price target for the company. US Capital Advisors raised Kinetik from a “moderate buy” rating to a “strong-buy” rating in a research note on Friday, May 29th. Citigroup reiterated a “buy” rating and issued a $52.00 price objective (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Weiss Ratings raised Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday. Finally, UBS Group dropped their target price on Kinetik from $49.00 to $48.00 and set a “neutral” rating for the company in a report on Monday, March 16th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Kinetik presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.17.

Kinetik Price Performance

NYSE KNTK traded down $0.28 on Friday, reaching $45.50. 41,084 shares of the company’s stock traded hands, compared to its average volume of 1,217,438. The stock has a market cap of $7.39 billion, a PE ratio of 18.57, a P/E/G ratio of 2.37 and a beta of 0.57. Kinetik has a 12 month low of $31.33 and a 12 month high of $51.51. The stock has a 50-day simple moving average of $47.99 and a 200 day simple moving average of $42.42.

Kinetik (NYSE:KNTK) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The business had revenue of $409.98 million during the quarter. During the same period last year, the firm posted $0.05 EPS. The business’s revenue was down 7.5% on a year-over-year basis. As a group, analysts anticipate that Kinetik will post 0.62 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of Kinetik stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $50.52, for a total value of $27,006,173.28. Following the sale, the insider directly owned 428,894 shares in the company, valued at approximately $21,667,724.88. This trade represents a 55.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders sold 1,071,107 shares of company stock valued at $53,172,463. Company insiders own 3.56% of the company’s stock.

Hedge Funds Weigh In On Kinetik

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Comerica Bank boosted its holdings in Kinetik by 91.5% in the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after acquiring an additional 732 shares in the last quarter. AQR Capital Management LLC raised its holdings in Kinetik by 4.2% in the 1st quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock worth $670,000 after purchasing an additional 522 shares in the last quarter. Millennium Management LLC lifted its position in shares of Kinetik by 88.7% in the 1st quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock worth $6,884,000 after purchasing an additional 62,306 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Kinetik by 27.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock worth $4,131,000 after purchasing an additional 17,034 shares during the period. Finally, Intech Investment Management LLC boosted its stake in shares of Kinetik by 14.3% during the 1st quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock valued at $1,149,000 after purchasing an additional 2,766 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

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.