Kinetik (NYSE:KNTK) Given New $44.00 Price Target at Barclays

Kinetik (NYSE:KNTK) had its price target raised by Barclays from $43.00 to $44.00 in a report published on Thursday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities analysts have also commented on the company. Zacks Research lowered Kinetik from a “hold” rating to a “strong sell” rating in a research note on Monday, January 5th. Royal Bank Of Canada increased their target price on shares of Kinetik from $46.00 to $49.00 and gave the company an “outperform” rating in a research report on Tuesday, March 10th. Wells Fargo & Company raised their price target on shares of Kinetik from $44.00 to $47.00 and gave the stock an “equal weight” rating in a report on Friday, March 13th. Scotiabank boosted their price target on shares of Kinetik from $49.00 to $51.00 and gave the stock a “sector outperform” rating in a research report on Tuesday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a research note on Thursday, January 22nd. Six investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Kinetik currently has an average rating of “Hold” and an average target price of $46.27.

Kinetik Stock Up 1.8%

NYSE KNTK opened at $46.59 on Thursday. The company has a market capitalization of $7.53 billion, a price-to-earnings ratio of 18.13, a PEG ratio of 1.45 and a beta of 0.70. Kinetik has a twelve month low of $31.33 and a twelve month high of $54.94. The stock has a fifty day simple moving average of $42.32 and a 200 day simple moving average of $39.35.

Kinetik (NYSE:KNTK) last announced its earnings results on Thursday, February 26th. The company reported $2.16 EPS for the quarter, topping the consensus estimate of $0.15 by $2.01. The firm 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 firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.01 earnings per share.

Insider Activity at Kinetik

In other news, insider Matthew Wall sold 3,222 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 transaction of $151,176.24. Following the transaction, the insider owned 585,556 shares in the company, valued at approximately $27,474,287.52. This represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Stellato sold 2,907 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $136,396.44. Following the transaction, the insider directly owned 393,382 shares in the company, valued at $18,457,483.44. This trade represents a 0.73% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 4,015,831 shares of company stock valued at $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 added to or reduced their stakes in the company. CWM LLC increased its holdings in shares of Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after acquiring an additional 352 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Kinetik by 101.5% in the 4th quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after purchasing an additional 404 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of Kinetik in the 4th quarter worth $33,000. Los Angeles Capital Management LLC acquired a new stake in Kinetik in the 4th quarter valued at $40,000. Finally, Huntington National Bank grew its position in Kinetik by 139.1% in the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock valued at $44,000 after purchasing an additional 711 shares during the period. 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.