Kinetik (NYSE:KNTK) Price Target Raised to $44.00

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

KNTK has been the subject of a number of other research reports. Citigroup upped their price objective on shares of Kinetik from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd. Wolfe Research downgraded shares of Kinetik from an “outperform” rating to a “peer perform” rating in a report on Tuesday, January 27th. 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 note on Tuesday, March 17th. Raymond James Financial set a $46.00 price target on shares of Kinetik in a report on Monday, January 5th. Finally, Jefferies Financial Group downgraded shares of Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price objective for the company. in a research report on Friday, February 6th. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $46.27.

Kinetik Trading Down 1.6%

NYSE:KNTK opened at $45.87 on Thursday. The firm has a market cap of $7.41 billion, a P/E ratio of 17.85, a PEG ratio of 1.45 and a beta of 0.70. The stock’s 50 day simple moving average is $42.50 and its 200-day simple moving average is $39.37. Kinetik has a 12-month low of $31.33 and a 12-month high of $54.94.

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

Insider Activity at Kinetik

In other news, insider Matthew Wall sold 3,222 shares of the company’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 $151,176.24. Following the transaction, the insider directly owned 585,556 shares of the company’s stock, valued at $27,474,287.52. This represents a 0.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Trevor Howard sold 1,619 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total transaction of $75,963.48. Following the completion of the transaction, the insider owned 249,795 shares of the company’s stock, valued at $11,720,381.40. This represents a 0.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 4,015,831 shares of company stock valued at $180,054,928 over the last 90 days. Company insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Comerica Bank lifted its position in shares of Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after acquiring an additional 732 shares during the period. AQR Capital Management LLC grew its holdings 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 acquiring an additional 522 shares during the period. Millennium Management LLC increased its stake in Kinetik by 88.7% in the 1st quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock valued at $6,884,000 after purchasing an additional 62,306 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in 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 valued at $4,131,000 after purchasing an additional 17,034 shares in the last quarter. Finally, Intech Investment Management LLC raised its holdings in Kinetik by 14.3% during the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock worth $1,149,000 after purchasing an additional 2,766 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.