Kinetik (NASDAQ:KNTK) PT Raised to $43.00

Kinetik (NASDAQ:KNTK) had its target price increased by JPMorgan Chase & Co. from $40.00 to $43.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 11.63% from the stock’s current price.

Several other brokerages also recently commented on KNTK. Royal Bank of Canada initiated coverage on shares of Kinetik in a research report on Monday, March 25th. They issued an “outperform” rating and a $40.00 price target for the company. Citigroup reiterated a “neutral” rating and issued a $35.00 target price on shares of Kinetik in a research note on Tuesday, December 19th. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $39.67.

Kinetik Stock Performance

Shares of NASDAQ:KNTK traded up $0.04 during mid-day trading on Wednesday, hitting $38.52. The stock had a trading volume of 486,323 shares, compared to its average volume of 570,693. The company has a market cap of $5.92 billion, a PE ratio of 17.01, a P/E/G ratio of 2.59 and a beta of 2.80. Kinetik has a 12-month low of $26.32 and a 12-month high of $40.42. The company’s 50 day moving average is $36.28 and its 200-day moving average is $35.03.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings results on Wednesday, February 28th. The company reported $1.70 EPS for the quarter, beating the consensus estimate of $0.46 by $1.24. The business had revenue of $348.87 million during the quarter, compared to the consensus estimate of $301.49 million. Kinetik had a net margin of 28.57% and a negative return on equity of 49.32%. The firm’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.25 EPS. On average, equities research analysts predict that Kinetik will post 2.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other Kinetik news, insider Trevor Howard sold 7,000 shares of the firm’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $37.62, for a total value of $263,340.00. Following the sale, the insider now directly owns 198,411 shares in the company, valued at approximately $7,464,221.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Trevor Howard sold 7,000 shares of Kinetik stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $37.62, for a total transaction of $263,340.00. Following the sale, the insider now directly owns 198,411 shares in the company, valued at approximately $7,464,221.82. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Anne Psencik sold 3,182 shares of Kinetik stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $35.57, for a total transaction of $113,183.74. Following the sale, the insider now owns 247,128 shares in the company, valued at $8,790,342.96. The disclosure for this sale can be found here. Insiders have sold 13,095,803 shares of company stock worth $442,051,135 in the last ninety days. Insiders own 3.62% of the company’s stock.

Hedge Funds Weigh In On Kinetik

Institutional investors have recently added to or reduced their stakes in the company. Blackstone Inc. raised its stake in shares of Kinetik by 15.9% during the fourth quarter. Blackstone Inc. now owns 10,470,501 shares of the company’s stock worth $349,715,000 after buying an additional 1,433,616 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Kinetik by 28.2% during the fourth quarter. Vanguard Group Inc. now owns 2,180,143 shares of the company’s stock worth $72,817,000 after buying an additional 479,325 shares during the last quarter. BlackRock Inc. raised its stake in shares of Kinetik by 4.2% during the second quarter. BlackRock Inc. now owns 1,815,437 shares of the company’s stock worth $63,794,000 after buying an additional 72,958 shares during the last quarter. Westwood Holdings Group Inc. bought a new stake in shares of Kinetik during the fourth quarter worth approximately $31,589,000. Finally, Cohen & Steers Inc. raised its stake in shares of Kinetik by 97.5% during the fourth quarter. Cohen & Steers Inc. now owns 762,940 shares of the company’s stock worth $25,482,000 after buying an additional 376,732 shares during the last quarter. 21.11% of the stock is owned by institutional investors.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.