Kinetik (NYSE:KNTK) Given New $57.00 Price Target at JPMorgan Chase & Co.

Kinetik (NYSE:KNTK) had its price target raised by JPMorgan Chase & Co. from $54.00 to $57.00 in a research report sent to investors on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other brokerages also recently commented on KNTK. UBS Group decreased their price objective on shares of Kinetik from $49.00 to $48.00 and set a “neutral” rating on the stock in a research report on Monday, March 16th. Wells Fargo & Company raised Kinetik from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $47.00 to $52.00 in a research note on Wednesday, March 25th. Citigroup reissued a “buy” rating and set a $52.00 target price (up from $51.00) on shares of Kinetik in a research note on Tuesday, May 12th. Weiss Ratings upgraded Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 6th. Finally, Scotiabank reaffirmed an “outperform” rating and set a $52.00 price objective (up from $51.00) on shares of Kinetik in a report on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.77.

Kinetik Price Performance

NYSE KNTK opened at $50.46 on Tuesday. Kinetik has a 1-year low of $31.33 and a 1-year high of $51.51. The stock has a market capitalization of $8.19 billion, a price-to-earnings ratio of 20.60, a PEG ratio of 2.61 and a beta of 0.56. The business’s fifty day moving average price is $48.01 and its 200-day moving average price is $44.94.

Kinetik (NYSE:KNTK) last announced its earnings results on Wednesday, May 6th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). Kinetik had a negative return on equity of 36.36% and a net margin of 28.58%.The company had revenue of $409.98 million during the quarter. During the same quarter in the prior year, the company posted $0.05 earnings per share. The business’s revenue for the quarter was down 7.5% compared to the same quarter last year. Equities research analysts anticipate that Kinetik will post 0.62 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the company’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $50.52, for a total transaction of $27,006,173.28. Following the sale, the insider owned 428,894 shares of the company’s stock, valued at $21,667,724.88. This represents a 55.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 1,071,107 shares of company stock valued at $53,172,463 in the last quarter. Insiders own 3.56% of the company’s stock.

Institutional Trading of Kinetik

Several hedge funds have recently made changes to their positions in KNTK. CWM LLC boosted its holdings in shares of Kinetik by 89.8% in the 4th quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after purchasing an additional 352 shares during the period. Signaturefd LLC raised its holdings in Kinetik by 101.5% during the 4th quarter. Signaturefd LLC now owns 802 shares of the company’s stock valued at $29,000 after buying an additional 404 shares during the period. Kestra Advisory Services LLC purchased a new stake in Kinetik during the 4th quarter valued at $33,000. Los Angeles Capital Management LLC bought a new stake in Kinetik in the fourth quarter worth $40,000. Finally, Huntington National Bank lifted its position in Kinetik by 139.1% in the fourth quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $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.

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.