Kinetik (NYSE:KNTK – Get Free Report) had its price objective raised by stock analysts at Royal Bank Of Canada from $50.00 to $53.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target indicates a potential upside of 16.48% from the company’s current price.
A number of other research firms have also recently commented on KNTK. Wells Fargo & Company upgraded shares of Kinetik from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $47.00 to $52.00 in a report on Wednesday, March 25th. Truist Financial started coverage on shares of Kinetik in a report on Tuesday, March 24th. They set a “buy” rating and a $53.00 price objective on the stock. Barclays set a $50.00 price objective on shares of Kinetik and gave the stock an “equal weight” rating in a research report on Thursday, May 14th. Wall Street Zen lowered Kinetik from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 17th. Finally, UBS Group dropped their price target on Kinetik from $49.00 to $48.00 and set a “neutral” rating on the stock in a research note on Monday, March 16th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $49.17.
Check Out Our Latest Stock Report on Kinetik
Kinetik Price Performance
Kinetik (NYSE:KNTK – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.23). The business 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 business’s quarterly revenue was down 7.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.05 EPS. Sell-side analysts anticipate that Kinetik will post 0.62 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, major shareholder Isq Global Fund Ii Gp Llc sold 534,564 shares of the business’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $50.52, for a total value of $27,006,173.28. Following the sale, the insider directly owned 428,894 shares in the company, valued at approximately $21,667,724.88. The trade was a 55.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold 1,071,107 shares of company stock worth $53,172,463 over the last three months. 3.56% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Kinetik
A number of institutional investors have recently made changes to their positions in KNTK. CWM LLC lifted its holdings in shares of Kinetik by 89.8% during the 4th quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after acquiring an additional 352 shares during the last quarter. Signaturefd LLC increased its stake in Kinetik by 101.5% in the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock valued at $29,000 after acquiring an additional 404 shares during the last quarter. Kestra Advisory Services LLC bought a new position in Kinetik in the fourth quarter valued at $33,000. Los Angeles Capital Management LLC purchased a new stake in Kinetik during the fourth quarter valued at about $40,000. Finally, Huntington National Bank raised its position in Kinetik by 139.1% during the fourth quarter. Huntington National Bank now owns 1,222 shares of the company’s stock valued at $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.
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