Royal Bank Of Canada Issues Positive Forecast for Kinetik (NYSE:KNTK) Stock Price

Kinetik (NYSE:KNTK) had its target price upped by research analysts at Royal Bank Of Canada from $57.00 to $58.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target would suggest a potential upside of 4.50% from the company’s current price.

A number of other research firms have also recently issued reports on KNTK. Weiss Ratings raised Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Wall Street Zen raised Kinetik from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 8th. Citigroup reaffirmed a “buy” rating and issued a $55.00 target price (up from $52.00) on shares of Kinetik in a research report on Tuesday, August 11th. Zacks Research raised Kinetik from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 23rd. Finally, Scotiabank reiterated an “outperform” rating and set a $58.00 price target (up from $52.00) on shares of Kinetik in a report on Thursday, September 10th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $55.60.

Kinetik Stock Down 0.1%

Shares of NYSE:KNTK opened at $55.50 on Wednesday. The firm has a fifty day moving average of $53.27 and a two-hundred day moving average of $50.01. The firm has a market capitalization of $9.01 billion, a P/E ratio of 20.11, a price-to-earnings-growth ratio of 1.35 and a beta of 0.61. Kinetik has a 12-month low of $31.33 and a 12-month high of $56.92.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business had revenue of $581.44 million for the quarter, compared to analysts’ expectations of $421.48 million. During the same period in the previous year, the company posted $0.33 EPS. Kinetik’s revenue was up 36.3% on a year-over-year basis. Equities research analysts expect that Kinetik will post 1.30 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 38,377 shares of the stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $54.19, for a total transaction of $2,079,649.63. Following the transaction, the insider owned 1 shares of the company’s stock, valued at approximately $54.19. This represents a 100.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last ninety days, insiders sold 1,931,632 shares of company stock worth $102,427,059. Corporate insiders own 3.56% of the company’s stock.

Institutional Investors Weigh In On Kinetik

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Miller Howard Investments Inc. NY grew its position in shares of Kinetik by 69.4% in the first quarter. Miller Howard Investments Inc. NY now owns 146,317 shares of the company’s stock valued at $7,083,000 after purchasing an additional 59,942 shares during the last quarter. Infrastructure Capital Advisors LLC acquired a new position in shares of Kinetik during the 4th quarter worth about $9,323,000. Bank of New York Mellon Corp acquired a new position in shares of Kinetik during the 2nd quarter worth about $17,364,000. Squarepoint Ops LLC bought a new position in Kinetik in the 2nd quarter worth approximately $2,790,000. Finally, NEOS Investment Management LLC increased its position in Kinetik by 30.9% in the 2nd quarter. NEOS Investment Management LLC now owns 392,128 shares of the company’s stock worth $18,955,000 after buying an additional 92,637 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Kinetik

Here are the key news stories impacting Kinetik this week:

• Positive Sentiment: Kinetik announced a quarterly cash dividend payable October 30, supporting the stock’s income appeal and signaling continued shareholder returns. The company did not disclose the dividend amount in the available report. Kinetik quarterly cash dividend announcement
• Positive Sentiment: Barclays raised its Kinetik price target from $51 to $56 while maintaining an “equal weight” rating. The new target is close to the stock’s recent trading level, indicating improved valuation expectations but limited near-term upside. Barclays raises Kinetik price target
• Neutral Sentiment: Kinetik’s latest reported quarter showed strong operating momentum: earnings per share of $0.64 exceeded the $0.19 consensus estimate, revenue rose 36.3% year over year to $581.44 million, and full-year EPS is expected to reach $1.30. However, these results predate the current news flow.
• Negative Sentiment: Major shareholder ISQ Global Fund II GP LLC sold another 38,377 shares at an average price of $54.19, leaving it with only one share. The fund also sold 58,439 shares on October 9 and 119,203 shares on October 8, reducing its position by more than 216,000 shares in the latest disclosed transactions. The concentrated selling may create investor concern about share overhang or insider confidence, even though it does not directly change Kinetik’s operations. ISQ Global Fund II Kinetik stock sales

About Kinetik

Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides infrastructure and logistics services for natural gas, natural gas liquids (NGLs), crude oil and produced water. The company primarily serves producers operating in the Delaware Basin, a major oil and gas-producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik’s operations include natural gas gathering, compression, processing and transportation, as well as NGL transportation and pipeline logistics.