Wells Fargo & Company Issues Positive Forecast for Kinetik (NYSE:KNTK) Stock Price

Kinetik (NYSE:KNTK) had its price objective upped by Wells Fargo & Company from $44.00 to $47.00 in a report issued on Friday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Other equities analysts have also recently issued research reports about the company. Royal Bank Of Canada lifted their price objective on Kinetik from $46.00 to $49.00 and gave the company an “outperform” rating in a research note on Tuesday. Scotiabank upped their target price on shares of Kinetik from $48.00 to $49.00 and gave the stock a “sector outperform” rating in a research note on Thursday, March 5th. Wolfe Research cut shares of Kinetik from an “outperform” rating to a “peer perform” rating in a report on Tuesday, January 27th. Raymond James Financial set a $46.00 price target on shares of Kinetik in a research note on Monday, January 5th. Finally, Zacks Research cut shares of Kinetik from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. Six investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Kinetik currently has a consensus rating of “Hold” and an average price target of $46.09.

Kinetik Trading Down 0.8%

Shares of NYSE KNTK opened at $44.79 on Friday. The stock has a market cap of $7.24 billion, a P/E ratio of 17.43, a PEG ratio of 1.25 and a beta of 0.70. The business’s fifty day simple moving average is $41.55 and its 200-day simple moving average is $39.25. Kinetik has a 12-month low of $31.33 and a 12-month high of $54.94.

Kinetik (NYSE:KNTK) last released 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. 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 previous year, the firm earned $0.01 earnings per share. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year.

Insiders Place Their Bets

In other news, insider Trevor Howard sold 1,619 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $75,963.48. Following the sale, the insider owned 249,795 shares of the company’s stock, valued at approximately $11,720,381.40. This trade represents a 0.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Stellato sold 2,907 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $136,396.44. Following the sale, the insider owned 393,382 shares of the company’s stock, valued at approximately $18,457,483.44. The trade was a 0.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 4,015,831 shares of company stock valued at $180,054,928 over the last quarter. Corporate insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Kinetik

Several hedge funds have recently added to or reduced their stakes in the stock. CWM LLC raised its holdings in Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after purchasing an additional 352 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of Kinetik by 101.5% in the 4th quarter. Signaturefd LLC now owns 802 shares of the company’s stock valued at $29,000 after buying an additional 404 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Kinetik in the 4th quarter valued at $33,000. Los Angeles Capital Management LLC purchased a new position in shares of Kinetik in the 4th quarter valued at $40,000. Finally, Huntington National Bank grew its position in shares of 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 buying an additional 711 shares during the last quarter. 21.11% of the stock is currently 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.