Kinetik (NYSE:KNTK) Given New $44.00 Price Target at Barclays

Kinetik (NYSE:KNTK) had its price target boosted by Barclays from $43.00 to $44.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price objective points to a potential downside of 5.66% from the stock’s current price.

KNTK has been the subject of a number of other research reports. Raymond James Financial set a $46.00 target price on Kinetik in a report on Monday, January 5th. Royal Bank Of Canada raised their price target on shares of Kinetik from $46.00 to $49.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 10th. Jefferies Financial Group cut shares of Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price objective for the company. in a research note on Friday, February 6th. Weiss Ratings restated a “hold (c)” rating on shares of Kinetik in a research report on Thursday, January 22nd. Finally, Wells Fargo & Company raised their target price on shares of Kinetik from $44.00 to $47.00 and gave the stock an “equal weight” rating in a report on Friday, March 13th. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $46.27.

Kinetik Trading Up 1.9%

KNTK stock traded up $0.87 during mid-day trading on Thursday, hitting $46.64. 86,813 shares of the company were exchanged, compared to its average volume of 1,390,196. Kinetik has a 1-year low of $31.33 and a 1-year high of $54.94. The stock has a market capitalization of $7.54 billion, a PE ratio of 18.15, a price-to-earnings-growth ratio of 1.43 and a beta of 0.70. The business has a 50 day simple moving average of $42.11 and a 200-day simple moving average of $39.30.

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

Insider Buying and Selling

In other Kinetik news, insider Trevor Howard sold 1,619 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $75,963.48. Following the transaction, the insider directly owned 249,795 shares of the company’s stock, valued at $11,720,381.40. This trade represents a 0.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Stellato sold 2,907 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total transaction of $136,396.44. Following the completion of the transaction, the insider owned 393,382 shares of the company’s stock, valued at $18,457,483.44. The trade was a 0.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 4,015,831 shares of company stock worth $180,054,928 in the last ninety days. 3.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Kinetik by 9.4% during the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock worth $183,739,000 after buying an additional 439,586 shares in the last quarter. Zimmer Partners LP bought a new position in shares of Kinetik in the 4th quarter valued at $98,611,000. Cohen & Steers Inc. boosted its holdings in shares of Kinetik by 82.5% during the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock valued at $66,458,000 after acquiring an additional 833,224 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in Kinetik by 86.5% during the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company’s stock worth $66,455,000 after acquiring an additional 855,000 shares during the last quarter. Finally, Invesco Ltd. grew its position in Kinetik by 22.4% during the 4th quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock worth $63,997,000 after acquiring an additional 325,251 shares during the last quarter. 21.11% of the stock is owned by institutional investors.

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.