Kinetik (NASDAQ:KNTK) Price Target Raised to $42.00

Kinetik (NASDAQ:KNTK) had its price target raised by investment analysts at Mizuho from $39.00 to $42.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Mizuho’s target price indicates a potential upside of 7.72% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. lifted their price objective on Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Barclays started coverage on Kinetik in a research note on Monday. They set an “equal weight” rating and a $40.00 price target for the company. Finally, Royal Bank of Canada began coverage on shares of Kinetik in a research note on Monday, March 25th. They issued an “outperform” rating and a $40.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Kinetik currently has a consensus rating of “Hold” and an average price target of $40.00.

Kinetik Stock Performance

Shares of NASDAQ KNTK opened at $38.99 on Tuesday. Kinetik has a one year low of $26.32 and a one year high of $40.42. The company’s fifty day moving average is $36.76 and its two-hundred day moving average is $35.21. The firm has a market capitalization of $5.99 billion, a P/E ratio of 17.25, a PEG ratio of 2.37 and a beta of 2.80.

Kinetik (NASDAQ:KNTK) last issued its earnings results on Wednesday, February 28th. The company reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $1.24. The company had revenue of $348.87 million during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the company posted $0.25 earnings per share. On average, sell-side analysts forecast that Kinetik will post 2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Kinetik news, insider Anne Psencik sold 3,182 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $35.57, for a total value of $113,183.74. Following the completion of the transaction, the insider now directly owns 247,128 shares in the company, valued at approximately $8,790,342.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Matthew Wall sold 5,750 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $39.82, for a total transaction of $228,965.00. Following the transaction, the insider now directly owns 530,066 shares in the company, valued at approximately $21,107,228.12. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Anne Psencik sold 3,182 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $35.57, for a total transaction of $113,183.74. Following the transaction, the insider now directly owns 247,128 shares in the company, valued at approximately $8,790,342.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,095,803 shares of company stock worth $442,051,135. 3.71% of the stock is owned by insiders.

Hedge Funds Weigh In On Kinetik

Several hedge funds and other institutional investors have recently modified their holdings of the company. Ronald Blue Trust Inc. acquired a new position in Kinetik during the third quarter valued at approximately $37,000. Virtu Financial LLC acquired a new position in shares of Kinetik during the 4th quarter valued at $223,000. Principal Financial Group Inc. acquired a new position in shares of Kinetik during the 3rd quarter valued at $232,000. Arizona State Retirement System purchased a new stake in Kinetik during the 4th quarter worth $240,000. Finally, SG Americas Securities LLC acquired a new stake in Kinetik in the 3rd quarter valued at $245,000. 21.11% of the stock is owned by institutional investors and hedge funds.

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.