Royal Bank Of Canada Issues Positive Forecast for Kinetik (NYSE:KNTK) Stock Price

Kinetik (NYSE:KNTK) had its price objective boosted by Royal Bank Of Canada from $46.00 to $49.00 in a report published on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

KNTK has been the topic of a number of other reports. Wall Street Zen downgraded shares of Kinetik from a “hold” rating to a “sell” rating in a research report on Sunday. Wells Fargo & Company raised their target price on shares of Kinetik from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Friday, February 27th. The Goldman Sachs Group cut their target price on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, November 17th. Raymond James Financial set a $46.00 price target on shares of Kinetik in a research report on Monday, January 5th. Finally, Barclays increased their price target on shares of Kinetik from $40.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 5th. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Kinetik has an average rating of “Hold” and an average target price of $45.82.

Kinetik Stock Performance

Shares of KNTK stock opened at $45.26 on Tuesday. Kinetik has a fifty-two week low of $31.33 and a fifty-two week high of $54.94. The firm has a market cap of $7.31 billion, a P/E ratio of 17.61, a P/E/G ratio of 1.11 and a beta of 0.70. The business’s 50 day moving average price is $41.00 and its 200-day moving average price is $39.13.

Kinetik (NYSE:KNTK) last announced its earnings results on Thursday, February 26th. The company reported $2.16 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $2.01. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The company had revenue of $430.42 million during the quarter. During the same quarter in the prior year, the company earned $0.01 EPS. Kinetik’s revenue was up 11.5% compared to the same quarter last year.

Insider Transactions at Kinetik

In other news, insider Steven Stellato sold 2,907 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $136,396.44. Following the sale, the insider directly owned 393,382 shares of the company’s stock, valued at $18,457,483.44. This represents a 0.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Trevor Howard sold 1,619 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $75,963.48. Following the completion of the sale, the insider directly owned 249,795 shares in the company, valued at $11,720,381.40. This represents a 0.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 4,015,831 shares of company stock worth $180,054,928 in the last ninety days. 3.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Kinetik

Hedge funds have recently bought and sold shares of the business. Comerica Bank increased its stake in shares of Kinetik by 91.5% during the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after purchasing an additional 732 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of 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 grew its stake 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 buying an additional 62,306 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake 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 buying an additional 17,034 shares during the last quarter. Finally, Intech Investment Management LLC increased its position in 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 buying an additional 2,766 shares in the last quarter. 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.