Kinetik Holdings Inc. (NYSE:KNTK) Stock Has Average Price Target of $56.36 According to Brokerages

Shares of Kinetik Holdings Inc. (NYSE:KNTK) have received an average recommendation of “Moderate Buy” from the nineteen brokerages that are covering the company, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $56.36.

Several equities research analysts have weighed in on the stock. Truist Financial increased their price target on shares of Kinetik from $53.00 to $59.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Jefferies Financial Group reaffirmed a “hold” rating and set a $54.00 price target (down from $56.00) on shares of Kinetik in a research report on Monday, October 19th. Wells Fargo & Company increased their price objective on Kinetik from $54.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, November 9th. Citigroup reiterated a “buy” rating and issued a $55.00 price objective (up from $52.00) on shares of Kinetik in a research report on Tuesday, August 11th. Finally, Tudor Pickering assumed coverage on Kinetik in a research note on Monday, July 20th. They set a “buy” rating and a $57.00 target price on the stock.

Insider Buying and Selling

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 14,889 shares of Kinetik stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $55.07, for a total value of $819,937.23. Following the sale, the insider owned 961,114 shares in the company, valued at $52,928,547.98. The trade was a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 3,167,780 shares of company stock valued at $172,804,708 over the last ninety days. Company insiders own 3.56% of the company’s stock.

Institutional Investors Weigh In On Kinetik

A number of large investors have recently modified their holdings of the stock. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in Kinetik by 1.2% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,773,000 shares of the company’s stock worth $89,005,000 after buying an additional 21,000 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Kinetik by 1.3% in the first quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock worth $33,285,000 after buying an additional 8,513 shares during the period. Pictet Asset Management Holding SA lifted its holdings in Kinetik by 6.8% in the third quarter. Pictet Asset Management Holding SA now owns 481,466 shares of the company’s stock worth $24,170,000 after buying an additional 30,550 shares during the period. NEOS Investment Management LLC boosted its position in Kinetik by 30.9% during the 2nd quarter. NEOS Investment Management LLC now owns 392,128 shares of the company’s stock valued at $18,955,000 after acquiring an additional 92,637 shares in the last quarter. Finally, Public Sector Pension Investment Board boosted its position in Kinetik by 115.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 387,130 shares of the company’s stock valued at $21,385,000 after acquiring an additional 207,613 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Stock Up 0.7%

NYSE KNTK opened at $54.88 on Friday. The company has a 50-day simple moving average of $53.69 and a two-hundred day simple moving average of $49.30. Kinetik has a 12-month low of $31.33 and a 12-month high of $58.90. The firm has a market cap of $8.91 billion, a price-to-earnings ratio of 18.35, a PEG ratio of 1.28 and a beta of 0.67.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.14). Kinetik had a negative return on equity of 42.78% and a net margin of 25.65%. The company had revenue of $569.40 million during the quarter. During the same quarter in the prior year, the business earned $0.03 earnings per share. Kinetik’s revenue for the quarter was up 22.7% on a year-over-year basis. Equities analysts expect that Kinetik will post 1.36 earnings per share for the current fiscal year.

About Kinetik

Kinetik Holdings provides midstream services to oil and natural gas producers operating in the Permian Basin, with a focus on the Delaware Basin in West Texas and southeastern New Mexico. Its services connect producing wells to downstream markets and other energy infrastructure. The company’s operations include natural gas gathering, compression, processing and transportation, as well as crude oil gathering and produced-water gathering, recycling and disposal. Kinetik also provides related infrastructure and commercial services to its producer customers.