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

Kinetik (NYSE:KNTK) had its price target increased by research analysts at Barclays from $43.00 to $44.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price target suggests a potential downside of 5.66% from the stock’s current price.

Several other brokerages have also issued reports on KNTK. Raymond James Financial set a $46.00 target price on Kinetik in a research report on Monday, January 5th. Wall Street Zen cut Kinetik from a “hold” rating to a “sell” rating in a research note on Sunday, March 8th. Jefferies Financial Group downgraded 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. Zacks Research cut Kinetik from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Kinetik in a research report on Thursday, January 22nd. Six research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $46.27.

Kinetik Trading Up 1.9%

KNTK traded up $0.87 during trading on Thursday, reaching $46.64. 86,813 shares of the company’s stock were exchanged, compared to its average volume of 1,390,196. Kinetik has a one year low of $31.33 and a one year high of $54.94. The firm has a fifty day moving average price of $42.11 and a two-hundred day moving average price of $39.30. The stock has a market capitalization of $7.54 billion, a PE ratio of 18.15, a price-to-earnings-growth ratio of 1.43 and a beta of 0.70.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter. During the same period in the previous year, the business posted $0.01 EPS. Kinetik’s revenue was up 11.5% on a year-over-year basis.

Insiders Place Their Bets

In related news, insider Steven Stellato sold 2,907 shares of the firm’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 transaction of $136,396.44. Following the completion of the sale, the insider owned 393,382 shares of the company’s stock, valued at $18,457,483.44. This trade represents a 0.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Trevor Howard sold 1,619 shares of Kinetik 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 $75,963.48. Following the completion of the sale, the insider owned 249,795 shares of the company’s stock, valued at approximately $11,720,381.40. The trade was a 0.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 4,015,831 shares of company stock valued at $180,054,928. Insiders own 3.83% of the company’s stock.

Institutional Trading of Kinetik

Several hedge funds have recently modified their holdings of the stock. CWM LLC grew its holdings in shares of Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after buying an additional 352 shares during the last quarter. Signaturefd LLC lifted its position in Kinetik by 101.5% in the 4th quarter. Signaturefd LLC now owns 802 shares of the company’s stock valued at $29,000 after acquiring an additional 404 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in Kinetik during the 4th quarter valued at about $33,000. Los Angeles Capital Management LLC acquired a new position in Kinetik during the 4th quarter valued at about $40,000. Finally, Huntington National Bank increased its holdings in Kinetik by 139.1% during the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $44,000 after purchasing an additional 711 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

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.