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

Kinetik (NYSE:KNTK) had its price objective raised by Citigroup from $46.00 to $51.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 9.21% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Wells Fargo & Company upped their price target on shares of Kinetik from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Friday. The Goldman Sachs Group decreased their target price on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a research report on Monday, November 17th. Zacks Research downgraded shares of Kinetik from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. Wall Street Zen upgraded shares of Kinetik from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Wolfe Research lowered shares of Kinetik from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, January 27th. Six research 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. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $45.18.

Kinetik Trading Up 2.7%

NYSE KNTK traded up $1.21 during trading hours on Monday, reaching $46.70. The company’s stock had a trading volume of 1,149,245 shares, compared to its average volume of 1,467,534. The business has a 50-day simple moving average of $39.56 and a 200 day simple moving average of $38.86. Kinetik has a 52 week low of $31.33 and a 52 week high of $59.22. The stock has a market cap of $7.55 billion, a PE ratio of 18.17, a PEG ratio of 1.11 and a beta of 0.69.

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, 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 business had revenue of $430.42 million for the quarter. During the same period last year, the business posted $0.01 EPS. The company’s revenue for the quarter was up 11.5% on a year-over-year basis.

Insider Activity at Kinetik

In other news, insider Matthew Wall sold 8,083 shares of the firm’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $36.05, for a total transaction of $291,392.15. Following the completion of the sale, the insider directly owned 554,738 shares of the company’s stock, valued at $19,998,304.90. This trade represents a 1.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Kinetik

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. CWM LLC raised its holdings in Kinetik by 89.8% during the 4th quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after buying an additional 352 shares during the period. Signaturefd LLC increased its position in shares of Kinetik by 101.5% in the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after acquiring an additional 404 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Kinetik during the fourth quarter valued at approximately $33,000. Los Angeles Capital Management LLC acquired a new stake in shares of Kinetik during the fourth quarter valued at approximately $40,000. Finally, Huntington National Bank boosted its stake in Kinetik by 139.1% in the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $44,000 after purchasing an additional 711 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.