Kinetik (NYSE:KNTK) Price Target Raised to $44.00

Kinetik (NYSE:KNTK) had its price objective hoisted by Wells Fargo & Company from $40.00 to $44.00 in a report issued on Friday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Several other brokerages have also weighed in on KNTK. Royal Bank Of Canada lowered their price objective on Kinetik from $52.00 to $46.00 and set an “outperform” rating for the company in a research report on Wednesday, November 19th. Citigroup lowered their price target on Kinetik from $55.00 to $46.00 and set a “buy” rating for the company in a report on Friday, November 21st. Zacks Research lowered shares of Kinetik from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. The Goldman Sachs Group decreased their target price on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a research report on Monday, November 17th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a research report on Thursday, January 22nd. Six 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 MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $44.73.

Kinetik Trading Down 3.3%

Shares of KNTK opened at $45.45 on Friday. Kinetik has a 12-month low of $31.33 and a 12-month high of $59.74. The firm has a market capitalization of $7.34 billion, a P/E ratio of 17.68, a P/E/G ratio of 1.11 and a beta of 0.69. The firm has a 50-day moving average price of $39.56 and a 200 day moving average price of $38.86.

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. 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 32.70%. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.01 earnings per share.

Insiders Place Their Bets

In other Kinetik news, insider Matthew Wall sold 8,083 shares of Kinetik stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $36.05, for a total value of $291,392.15. Following the completion of the transaction, the insider directly 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 legal filing with the SEC, which is available through this link. 3.83% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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