Wells Fargo & Company Forecasts Strong Price Appreciation for Kinetik (NYSE:KNTK) Stock

Kinetik (NYSE:KNTK) had its target price lifted by stock analysts at Wells Fargo & Company from $44.00 to $47.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 4.93% from the stock’s current price.

Several other research analysts have also weighed in on the company. Zacks Research lowered Kinetik from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. Wolfe Research lowered Kinetik from an “outperform” rating to a “peer perform” rating in a report on Tuesday, January 27th. Barclays boosted their price target on Kinetik from $40.00 to $43.00 and gave the company an “equal weight” rating in a research note on Thursday, March 5th. Wall Street Zen downgraded Kinetik from a “hold” rating to a “sell” rating in a report on Sunday, March 8th. Finally, Jefferies Financial Group lowered shares of Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price objective on the stock. in a research report on Friday, February 6th. Six investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $46.09.

Kinetik Stock Down 0.8%

Shares of NYSE:KNTK opened at $44.79 on Friday. The firm has a fifty day moving average of $41.55 and a two-hundred day moving average of $39.23. Kinetik has a 12-month low of $31.33 and a 12-month high of $54.94. The firm has a market capitalization of $7.24 billion, a P/E ratio of 17.43, a price-to-earnings-growth ratio of 1.24 and a beta of 0.70.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Thursday, February 26th. The company reported $2.16 earnings per share 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 net margin of 29.23% and a negative return on equity of 32.70%. The company’s revenue was up 11.5% compared to the same quarter last year. During the same period last year, the company posted $0.01 earnings per share.

Insider Buying and Selling

In other news, insider Matthew Wall sold 8,083 shares of the business’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $36.05, for a total value of $291,392.15. Following the completion of the sale, the insider directly owned 554,738 shares in the company, valued at approximately $19,998,304.90. The trade was a 1.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the company’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 sale, the insider directly owned 1 shares of the company’s stock, valued at approximately $44.85. This represents a 100.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 4,015,831 shares of company stock worth $180,054,928. 3.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Chickasaw Capital Management LLC increased its stake in shares of Kinetik by 63.9% in the third quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company’s stock worth $46,948,000 after purchasing an additional 428,103 shares during the period. Public Sector Pension Investment Board acquired a new position in shares of Kinetik during the 3rd quarter worth about $7,277,000. Dynamic Technology Lab Private Ltd boosted its stake in Kinetik by 86.9% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 17,360 shares of the company’s stock valued at $765,000 after purchasing an additional 8,070 shares during the period. Principal Financial Group Inc. acquired a new stake in Kinetik in the 3rd quarter valued at approximately $9,017,000. Finally, Fort Washington Investment Advisors Inc. OH grew its holdings in Kinetik by 90.5% in the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 61,695 shares of the company’s stock valued at $2,637,000 after buying an additional 29,303 shares during the last quarter. Institutional investors and hedge funds 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.