Kinetik (NYSE:KNTK – Free Report) had its price objective hoisted by Wells Fargo & Company from $54.00 to $56.00 in a research report released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.
Other equities research analysts have also issued research reports about the stock. Clear Str lowered shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. Royal Bank Of Canada boosted their price target on shares of Kinetik from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, October 14th. Weiss Ratings raised shares of Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Barclays raised their price objective on shares of Kinetik from $51.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 13th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $58.00 price objective on shares of Kinetik in a research report on Wednesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $56.36.
View Our Latest Research Report on Kinetik
Kinetik Stock Performance
KNTK opened at $53.66 on Monday. Kinetik has a 52-week low of $31.33 and a 52-week high of $58.90. The stock has a market capitalization of $8.71 billion, a PE ratio of 17.95, a price-to-earnings-growth ratio of 1.23 and a beta of 0.67. The stock’s 50 day moving average price is $53.68 and its 200-day moving average price is $49.15.
Kinetik (NYSE:KNTK – Get Free Report) last announced its earnings results on Wednesday, November 4th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.14). Kinetik had a net margin of 25.65% and a negative return on equity of 42.78%. The business had revenue of $569.40 million for the quarter. During the same period in the previous year, the company posted $0.03 EPS. The firm’s quarterly revenue was up 22.7% compared to the same quarter last year. Research analysts forecast that Kinetik will post 1.36 EPS for the current fiscal year.
Insider Transactions at Kinetik
In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 2,000,000 shares of the stock in a transaction on Tuesday, October 13th. The stock was sold at an average price of $54.77, for a total value of $109,540,000.00. Following the completion of the transaction, the insider owned 1 shares in the company, valued at approximately $54.77. This represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 3,279,940 shares of company stock valued at $178,803,025 in the last ninety days. 3.56% of the stock is currently owned by corporate insiders.
Institutional Trading of Kinetik
A number of hedge funds have recently modified their holdings of the business. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in shares of Kinetik by 1.2% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,773,000 shares of the company’s stock worth $89,005,000 after acquiring an additional 21,000 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Kinetik by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock worth $33,285,000 after acquiring an additional 8,513 shares in the last quarter. Pictet Asset Management Holding SA boosted its stake in Kinetik by 6.8% during the third quarter. Pictet Asset Management Holding SA now owns 481,466 shares of the company’s stock worth $24,170,000 after acquiring an additional 30,550 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in Kinetik by 115.7% in the third quarter. Public Sector Pension Investment Board now owns 387,130 shares of the company’s stock worth $21,385,000 after purchasing an additional 207,613 shares during the period. Finally, NEOS Investment Management LLC grew its holdings in Kinetik by 30.9% in the second quarter. NEOS Investment Management LLC now owns 392,128 shares of the company’s stock worth $18,955,000 after purchasing an additional 92,637 shares during the period. Institutional investors own 21.11% of the company’s stock.
About Kinetik
Kinetik Holdings provides midstream services to oil and natural gas producers operating in the Permian Basin, with a focus on the Delaware Basin in West Texas and southeastern New Mexico. Its services connect producing wells to downstream markets and other energy infrastructure. The company’s operations include natural gas gathering, compression, processing and transportation, as well as crude oil gathering and produced-water gathering, recycling and disposal. Kinetik also provides related infrastructure and commercial services to its producer customers.
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