Wells Fargo & Company Forecasts Strong Price Appreciation for Kinetik (NYSE:KNTK) Stock

Kinetik (NYSE:KNTK) had its price objective boosted by Wells Fargo & Company from $44.00 to $47.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 5.55% from the company’s current price.

KNTK has been the topic of a number of other reports. The Goldman Sachs Group reduced their target price on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, November 17th. Royal Bank Of Canada increased their price target on shares of Kinetik from $46.00 to $49.00 and gave the company an “outperform” rating in a research note on Tuesday. Zacks Research downgraded shares of Kinetik from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. Raymond James Financial set a $46.00 price target on shares of Kinetik in a research report on Monday, January 5th. Finally, Barclays upped their price objective on Kinetik from $40.00 to $43.00 and gave the company an “equal weight” rating in a report on Thursday, March 5th. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $46.09.

Kinetik Trading Down 1.4%

NYSE:KNTK traded down $0.61 during trading hours on Friday, hitting $44.53. The company had a trading volume of 172,922 shares, compared to its average volume of 1,421,943. Kinetik has a 1 year low of $31.33 and a 1 year high of $54.94. The company has a market cap of $7.20 billion, a P/E ratio of 17.33, a P/E/G ratio of 1.28 and a beta of 0.70. The company has a 50-day moving average of $41.38 and a 200 day moving average of $39.22.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Thursday, February 26th. The company reported $2.16 EPS for the quarter, topping the consensus estimate of $0.15 by $2.01. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The business had revenue of $430.42 million for the quarter. During the same quarter in the prior year, the firm earned $0.01 EPS. The firm’s revenue was up 11.5% on a year-over-year basis.

Insider Activity at Kinetik

In other Kinetik news, insider Trevor Howard sold 1,619 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total transaction of $75,963.48. Following the completion of the transaction, the insider owned 249,795 shares of the company’s stock, valued at $11,720,381.40. This trade represents a 0.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steven Stellato sold 2,907 shares of Kinetik stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total transaction of $136,396.44. Following the sale, the insider owned 393,382 shares of the company’s stock, valued at approximately $18,457,483.44. This represents a 0.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 4,015,831 shares of company stock worth $180,054,928. 3.83% of the stock is owned by corporate insiders.

Institutional Trading of Kinetik

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Kinetik by 9.4% in the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock valued at $183,739,000 after purchasing an additional 439,586 shares during the period. Zimmer Partners LP acquired a new position in Kinetik during the fourth quarter worth $98,611,000. Cohen & Steers Inc. boosted its position in shares of Kinetik by 82.5% during the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after buying an additional 833,224 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in shares of Kinetik by 86.5% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company’s stock valued at $66,455,000 after buying an additional 855,000 shares in the last quarter. Finally, Invesco Ltd. grew its stake in shares of Kinetik by 22.4% in the fourth quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock valued at $63,997,000 after buying an additional 325,251 shares in the last quarter. 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.