Barclays Boosts Kinetik (NYSE:KNTK) Price Target to $44.00

Kinetik (NYSE:KNTK) had its price target upped by investment analysts at Barclays from $43.00 to $44.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price indicates a potential downside of 4.08% from the company’s current price.

A number of other brokerages have also recently commented on KNTK. Zacks Research cut shares of Kinetik from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. Jefferies Financial Group lowered 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. Royal Bank Of Canada boosted their price objective on Kinetik from $46.00 to $49.00 and gave the company an “outperform” rating in a research note on Tuesday, March 10th. UBS Group cut their target price on Kinetik from $49.00 to $48.00 and set a “neutral” rating on the stock in a research report on Monday, March 16th. Finally, Wall Street Zen cut Kinetik from a “hold” rating to a “sell” rating in a research note on Sunday, March 8th. Six analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Kinetik presently has a consensus rating of “Hold” and a consensus target price of $46.27.

Kinetik Stock Performance

NYSE:KNTK opened at $45.87 on Thursday. Kinetik has a fifty-two week low of $31.33 and a fifty-two week high of $54.94. The company has a 50 day simple moving average of $42.50 and a two-hundred day simple moving average of $39.37. The company has a market capitalization of $7.41 billion, a PE ratio of 17.85, a P/E/G ratio of 1.47 and a beta of 0.70.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $2.01. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The firm had revenue of $430.42 million for the quarter. During the same quarter last year, the firm posted $0.01 EPS. The firm’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 3,222 shares of the company’s stock in a transaction dated 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 owned 585,556 shares in the company, valued at approximately $27,474,287.52. This represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Stellato sold 2,907 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $136,396.44. Following the transaction, the insider directly owned 393,382 shares in the company, valued at $18,457,483.44. This trade represents a 0.73% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 4,015,831 shares of company stock valued at $180,054,928. 3.83% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Kinetik

A number of hedge funds have recently added to or reduced their stakes in KNTK. Invesco Ltd. increased its holdings in shares of Kinetik by 22.4% during the fourth quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock valued at $63,997,000 after acquiring an additional 325,251 shares in the last quarter. Vident Advisory LLC lifted its holdings in shares of Kinetik by 0.8% in the 4th quarter. Vident Advisory LLC now owns 61,246 shares of the company’s stock worth $2,208,000 after purchasing an additional 500 shares in the last quarter. Yaupon Capital Management LP acquired a new stake in Kinetik in the 4th quarter valued at $5,698,000. Zimmer Partners LP bought a new stake in Kinetik during the 4th quarter valued at $98,611,000. Finally, Virtus Investment Advisers LLC bought a new stake in Kinetik during the 4th quarter valued at $170,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Company Profile

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.