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

Kinetik (NYSE:KNTK) had its target price increased by equities researchers at JPMorgan Chase & Co. from $54.00 to $57.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 12.51% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Jefferies Financial Group restated a “hold” rating and set a $51.00 target price on shares of Kinetik in a research report on Friday, May 8th. Wells Fargo & Company upgraded shares of Kinetik from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $47.00 to $52.00 in a research report on Wednesday, March 25th. UBS Group dropped their price objective on shares of Kinetik from $49.00 to $48.00 and set a “neutral” rating for the company in a research note on Monday, March 16th. US Capital Advisors raised Kinetik from a “moderate buy” rating to a “strong-buy” rating in a research note on Friday, May 29th. Finally, Wall Street Zen cut Kinetik from a “sell” rating to a “strong sell” rating in a report on Sunday, May 17th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $49.77.

Kinetik Price Performance

Kinetik stock traded up $0.13 during trading hours on Tuesday, hitting $50.66. The stock had a trading volume of 30,383 shares, compared to its average volume of 1,193,832. Kinetik has a 1-year low of $31.33 and a 1-year high of $51.51. The stock 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. The stock’s fifty day moving average is $48.01 and its two-hundred day moving average is $44.84.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.23). The firm 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 was down 7.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.05 earnings per share. As a group, sell-side analysts anticipate that Kinetik will post 0.62 EPS for the current year.

Insider Activity at Kinetik

In other 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 shares were sold at an average price of $50.52, for a total value of $27,006,173.28. Following the completion of the transaction, the insider owned 428,894 shares of the company’s stock, valued at $21,667,724.88. The trade was a 55.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 1,071,107 shares of company stock worth $53,172,463 in the last ninety days. Insiders own 3.56% of the company’s stock.

Institutional Trading of Kinetik

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of 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. Miller Howard Investments Inc. NY increased its stake in 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. HighTower Advisors LLC lifted its position in Kinetik by 33.1% during the fourth quarter. HighTower Advisors LLC now owns 102,906 shares of the company’s stock worth $3,710,000 after buying an additional 25,574 shares during the period. WESPAC Advisors LLC purchased a new position in Kinetik during the fourth quarter worth about $789,000. Finally, Infrastructure Capital Advisors LLC acquired a new stake in Kinetik in the 4th quarter worth about $9,323,000. 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.