Kinetik Holdings Inc. (NYSE:KNTK) Receives $51.20 Consensus Target Price from Analysts

Shares of Kinetik Holdings Inc. (NYSE:KNTK) have been assigned a consensus rating of “Moderate Buy” from the twelve brokerages that are currently covering the company, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $50.90.

Several equities analysts have recently weighed in on KNTK shares. Mizuho set a $48.00 price target on Kinetik in a report on Wednesday, October 29th. Zacks Research raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a report on Wednesday, October 8th. Scotiabank set a $51.00 target price on shares of Kinetik and gave the stock a “sector outperform” rating in a research note on Friday, October 17th. Finally, The Goldman Sachs Group set a $46.00 price target on shares of Kinetik in a research report on Tuesday, October 14th.

Kinetik Stock Performance

Shares of NYSE KNTK opened at $34.89 on Tuesday. The company has a 50 day simple moving average of $40.20 and a two-hundred day simple moving average of $41.87. Kinetik has a fifty-two week low of $33.81 and a fifty-two week high of $67.60. The company has a market capitalization of $5.65 billion, a price-to-earnings ratio of 83.07, a P/E/G ratio of 1.03 and a beta of 3.07.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.20). The company had revenue of $463.97 million during the quarter, compared to the consensus estimate of $604.57 million. Kinetik had a negative return on equity of 5.39% and a net margin of 6.70%.The business’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.35 earnings per share.

Insider Activity at Kinetik

In other Kinetik news, insider Jamie Welch purchased 5,000 shares of the firm’s stock in a transaction dated Thursday, October 2nd. The stock was purchased at an average price of $39.13 per share, for a total transaction of $195,650.00. Following the completion of the purchase, the insider directly owned 3,676,399 shares of the company’s stock, valued at $143,857,492.87. This trade represents a 0.14% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Kinetik

Hedge funds have recently bought and sold shares of the business. Bell Investment Advisors Inc purchased a new stake in shares of Kinetik during the 1st quarter valued at about $41,000. Chung Wu Investment Group LLC bought a new position in Kinetik during the second quarter valued at approximately $56,000. Nisa Investment Advisors LLC lifted its position in Kinetik by 141.6% during the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company’s stock valued at $59,000 after purchasing an additional 664 shares during the period. Fifth Third Bancorp boosted its holdings in Kinetik by 269.2% in the third quarter. Fifth Third Bancorp now owns 1,569 shares of the company’s stock worth $67,000 after purchasing an additional 1,144 shares during the last quarter. Finally, Comerica Bank grew its position in Kinetik by 91.5% in the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after purchasing an additional 732 shares during the period. Hedge funds and other institutional investors own 21.11% of the company’s stock.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.