Citigroup Forecasts Strong Price Appreciation for Kinetik (NYSE:KNTK) Stock

Kinetik (NYSE:KNTK) had its price target raised by analysts at Citigroup from $46.00 to $51.00 in a report released on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 9.87% from the company’s current price.

KNTK has been the subject of a number of other reports. Royal Bank Of Canada lowered their target price on shares of Kinetik from $52.00 to $46.00 and set an “outperform” rating for the company in a research note on Wednesday, November 19th. Zacks Research cut Kinetik from a “hold” rating to a “strong sell” rating in a research note on Monday, January 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a report on Thursday, January 22nd. Wells Fargo & Company increased their price target on shares of Kinetik from $40.00 to $44.00 and gave the stock an “equal weight” rating in a report on Friday, February 27th. Finally, Wolfe Research downgraded shares of Kinetik from an “outperform” rating to a “peer perform” rating in a report on Tuesday, January 27th. Six research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $45.18.

Kinetik Stock Down 1.1%

Shares of KNTK opened at $46.42 on Monday. The company has a market cap of $7.50 billion, a price-to-earnings ratio of 18.06, a price-to-earnings-growth ratio of 1.15 and a beta of 0.70. Kinetik has a twelve month low of $31.33 and a twelve month high of $55.96. The company has a 50 day moving average of $40.02 and a two-hundred day moving average of $38.94.

Kinetik (NYSE:KNTK) last issued 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. The business had revenue of $430.42 million for the quarter. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The business’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.01 earnings per share.

Insider Buying and Selling

In related news, insider Matthew Wall sold 8,083 shares of the stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $36.05, for a total transaction of $291,392.15. Following the sale, the insider directly owned 554,738 shares of the company’s stock, valued at approximately $19,998,304.90. This represents a 1.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the company’s stock in a transaction dated 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 owned 1 shares of the company’s stock, valued at approximately $44.85. This trade represents a 100.00% decrease in their position. The disclosure for this sale is available in the SEC filing. 3.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Kinetik

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