Kinetik (NYSE:KNTK) Price Target Raised to $56.00

Kinetik (NYSE:KNTK) had its price target upped by Barclays from $51.00 to $56.00 in a research note issued to investors on Tuesday,Benzinga reports. Barclays currently has an equal weight rating on the stock.

KNTK has been the topic of several other reports. Tudor Pickering began coverage on Kinetik in a research report on Monday, July 20th. They issued a “buy” rating and a $57.00 target price on the stock. Truist Financial lifted their price target on Kinetik from $53.00 to $59.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Morgan Stanley reaffirmed an “overweight” rating and set a $70.00 price target (up from $64.00) on shares of Kinetik in a research report on Tuesday, August 18th. Scotiabank reiterated an “outperform” rating and set a $58.00 price target (up from $52.00) on shares of Kinetik in a research note on Thursday, September 10th. Finally, Zacks Research upgraded Kinetik from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $55.67.

Kinetik Trading Down 1.8%

NYSE:KNTK opened at $53.63 on Tuesday. Kinetik has a twelve month low of $31.33 and a twelve month high of $56.92. The company has a market cap of $8.71 billion, a PE ratio of 18.44, a P/E/G ratio of 1.25 and a beta of 0.61. The company’s 50 day moving average is $53.47 and its two-hundred day moving average is $50.08.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.45. The business had revenue of $581.44 million during the quarter, compared to analysts’ expectations of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The business’s quarterly revenue was up 36.3% on a year-over-year basis. During the same quarter last year, the company posted $0.33 earnings per share. As a group, analysts expect that Kinetik will post 1.40 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 Kinetik stock in a transaction that occurred on Tuesday, October 13th. The shares were sold at an average price of $54.77, for a total transaction of $109,540,000.00. Following the completion of the sale, the insider directly owned 1 shares in the company, valued at approximately $54.77. The trade was a 100.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have sold 3,931,632 shares of company stock worth $211,967,059. Company insiders own 3.56% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position in Kinetik by 1.7% during the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock valued at $90,720,000 after purchasing an additional 30,600 shares during the period. Dimensional Fund Advisors LP grew its position in Kinetik by 1.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock worth $33,285,000 after purchasing an additional 8,513 shares during the period. Crawford Investment Counsel Inc. grew its position in Kinetik by 30.5% during the 4th quarter. Crawford Investment Counsel Inc. now owns 403,348 shares of the company’s stock worth $14,541,000 after purchasing an additional 94,173 shares during the period. NEOS Investment Management LLC grew its position in Kinetik by 30.9% during the 2nd 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. Finally, Pictet Asset Management Holding SA raised its stake in shares of Kinetik by 107.1% during the 1st quarter. Pictet Asset Management Holding SA now owns 365,652 shares of the company’s stock valued at $17,701,000 after buying an additional 189,065 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik News Roundup

Here are the key news stories impacting Kinetik this week:

• Positive Sentiment: Analyst sentiment remains supportive. RBC raised its price target to $58 from $57 and maintained an “outperform” rating, while Goldman Sachs maintained its “buy” rating. Barclays also lifted its target to $56, although it retained an “equal weight” view. RBC Raises Price Target on Kinetik Holdings
• Positive Sentiment: RBC Capital Markets expects Kinetik’s third-quarter earnings to exceed company guidance, supporting the outlook for continued operating momentum and potentially strengthening the case for additional analyst upgrades. Kinetik Q3 Earnings Expected to Top Guidance
• Positive Sentiment: Kinetik declared its quarterly cash dividend, payable October 30, providing income support for shareholders and reinforcing the company’s shareholder-return appeal. Kinetik Announces Quarterly Cash Dividend
• Neutral Sentiment: Kinetik’s previous quarterly results were strong, with earnings and revenue well above consensus and revenue up 36.3% year over year. However, shares are already close to the 52-week high, and the reported consensus price target near $54.33 suggests limited upside from recent trading levels.
• Negative Sentiment: The concentrated ISQ selling is the clearest reason for near-term weakness. Large insider or sponsor-related disposals can weigh on sentiment and share-price momentum even when analyst ratings and operating fundamentals remain favorable. SEC Filing for ISQ Global Fund II Share Sale

About Kinetik

Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides infrastructure and logistics services for natural gas, natural gas liquids (NGLs), crude oil and produced water. The company primarily serves producers operating in the Delaware Basin, a major oil and gas-producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik’s operations include natural gas gathering, compression, processing and transportation, as well as NGL transportation and pipeline logistics.