JPMorgan Chase & Co. Issues Positive Forecast for Kinetik (NYSE:KNTK) Stock Price

Kinetik (NYSE:KNTK) had its target price boosted by investment analysts at JPMorgan Chase & Co. from $54.00 to $57.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 12.51% from the company’s current price.

A number of other analysts also recently commented on the company. Wall Street Zen downgraded Kinetik from a “sell” rating to a “strong sell” rating in a report on Sunday, May 17th. Weiss Ratings upgraded Kinetik from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, July 6th. Mizuho boosted their price target on Kinetik from $48.00 to $51.00 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. Barclays set a $50.00 price target on Kinetik and gave the stock an “equal weight” rating in a research note on Thursday, May 14th. Finally, Wells Fargo & Company upgraded Kinetik from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $47.00 to $52.00 in a report on Wednesday, March 25th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Kinetik currently has a consensus rating of “Moderate Buy” and an average price target of $49.77.

Kinetik Stock Performance

Kinetik stock traded up $0.13 during trading on Tuesday, reaching $50.66. The company had a trading volume of 30,383 shares, compared to its average volume of 1,193,832. Kinetik has a 12-month low of $31.33 and a 12-month high of $51.51. The stock’s 50 day moving average price is $48.01 and its two-hundred day moving average price is $44.84. The firm has a market capitalization of $8.23 billion, a price-to-earnings ratio of 20.68, a PEG ratio of 2.49 and a beta of 0.56.

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

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $50.52, for a total transaction of $27,006,173.28. Following the transaction, the insider directly owned 428,894 shares of the company’s stock, valued at approximately $21,667,724.88. The trade was a 55.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders sold 1,071,107 shares of company stock worth $53,172,463. Company insiders own 3.56% of the company’s stock.

Institutional Trading of Kinetik

Several large investors have recently bought and sold shares of KNTK. Comerica Bank lifted its position in shares of Kinetik by 91.5% during the first quarter. Comerica Bank now owns 1,532 shares of the company’s stock worth $80,000 after purchasing an additional 732 shares in the last quarter. AQR Capital Management LLC grew its holdings in Kinetik by 4.2% during the 1st quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock valued at $670,000 after purchasing an additional 522 shares in the last quarter. Millennium Management LLC grew its holdings in Kinetik by 88.7% during the 1st quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock valued at $6,884,000 after purchasing an additional 62,306 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Kinetik by 27.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock worth $4,131,000 after buying an additional 17,034 shares during the period. Finally, Intech Investment Management LLC increased its stake in Kinetik by 14.3% during the 1st quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock worth $1,149,000 after buying an additional 2,766 shares during the period. 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.