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

Kinetik (NYSE:KNTK) had its target price lifted by investment analysts at Barclays from $44.00 to $46.00 in a report issued on Friday, MarketBeat Ratings reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s target price would indicate a potential downside of 2.67% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on KNTK. Jefferies Financial Group cut shares of Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price target for the company. in a research report on Friday, February 6th. Truist Financial started coverage on shares of Kinetik in a research report on Tuesday, March 24th. They issued a “buy” rating and a $53.00 price target for the company. Weiss Ratings reissued a “hold (c)” rating on shares of Kinetik in a research report on Thursday, January 22nd. Zacks Research raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 26th. Finally, UBS Group cut their price target on Kinetik from $49.00 to $48.00 and set a “neutral” rating on the stock in a research report on Monday, March 16th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.42.

Kinetik Stock Up 3.3%

Shares of KNTK opened at $47.26 on Friday. The stock has a 50 day moving average price of $44.92 and a 200 day moving average price of $39.79. The company has a market capitalization of $7.66 billion, a price-to-earnings ratio of 18.39, a price-to-earnings-growth ratio of 1.60 and a beta of 0.66. Kinetik has a 52-week low of $31.33 and a 52-week high of $49.55.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $2.01. The firm had revenue of $430.42 million during 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% compared to the same quarter last year. During the same period last year, the company earned $0.01 earnings per share.

Insider Buying and Selling at Kinetik

In other Kinetik news, insider Trevor Howard sold 1,619 shares of the firm’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total transaction of $75,963.48. Following the transaction, the insider directly owned 249,795 shares of the company’s stock, valued at approximately $11,720,381.40. This trade represents a 0.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the firm’s stock in a transaction 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 transaction, the insider directly owned 1 shares in the company, valued at $44.85. The trade was a 100.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 4,007,748 shares of company stock valued at $179,763,536. Company insiders own 3.83% of the company’s stock.

Institutional Trading of Kinetik

Hedge funds have recently added to or reduced their stakes in the stock. CWM LLC lifted its position in Kinetik by 89.8% during the 4th quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after acquiring an additional 352 shares during the period. Signaturefd LLC raised its position in Kinetik by 101.5% during the 4th quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after buying an additional 404 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in Kinetik during the 4th quarter worth $33,000. Los Angeles Capital Management LLC purchased a new position in Kinetik during the 4th quarter worth $40,000. Finally, Huntington National Bank raised its position in Kinetik by 139.1% during the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $44,000 after buying an additional 711 shares during the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

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.