Kinetik Holdings Inc. (NYSE:KNTK) Stock Has Consensus Price Target of $54.00 According to Brokerages

Shares of Kinetik Holdings Inc. (NYSE:KNTK) have earned an average recommendation of “Moderate Buy” from the nineteen analysts that are currently covering the firm, MarketBeat Ratings reports. Six analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $54.00.

A number of research firms have weighed in on KNTK. JPMorgan Chase & Co. lifted their price target on shares of Kinetik from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Tudor Pickering began coverage on shares of Kinetik in a report on Monday, July 20th. They set a “buy” rating and a $57.00 price objective for the company. Royal Bank Of Canada reiterated an “outperform” rating and set a $57.00 target price (up from $56.00) on shares of Kinetik in a research report on Tuesday, August 11th. Zacks Research raised shares of Kinetik from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 23rd. Finally, Barclays set a $51.00 price target on shares of Kinetik and gave the stock an “equal weight” rating in a research report on Thursday, August 6th.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $50.52, for a total value of $11,889,831.48. Following the sale, the insider owned 1,691,370 shares of the company’s stock, valued at $85,448,012.40. The trade was a 12.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders sold 1,547,491 shares of company stock worth $81,648,682. 3.56% of the stock is owned by company insiders.

Institutional Investors Weigh In On Kinetik

A number of hedge funds have recently made changes to their positions in the company. Allworth Financial LP increased its holdings in shares of Kinetik by 72.4% during the second quarter. Allworth Financial LP now owns 569 shares of the company’s stock worth $28,000 after buying an additional 239 shares in the last quarter. Huntington National Bank grew its holdings in Kinetik by 139.1% during the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $44,000 after acquiring an additional 711 shares during the period. SBI Okasan Asset Management Co.Ltd. bought a new position in shares of Kinetik in the 4th quarter worth $47,000. Hantz Financial Services Inc. grew its position in shares of Kinetik by 481.7% during the 4th quarter. Hantz Financial Services Inc. now owns 1,943 shares of the company’s stock worth $70,000 after buying an additional 1,609 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new position in Kinetik during the second quarter valued at approximately $71,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Stock Performance

NYSE KNTK opened at $50.97 on Friday. Kinetik has a twelve month low of $31.33 and a twelve month high of $56.92. The stock has a market cap of $8.28 billion, a PE ratio of 18.47, a PEG ratio of 1.27 and a beta of 0.57. The firm has a 50-day simple moving average of $52.64 and a 200 day simple moving average of $49.48.

Kinetik (NYSE:KNTK) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.45. The company had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.Kinetik’s revenue for the quarter was up 36.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.33 EPS. Research analysts forecast that Kinetik will post 1.3 earnings per share for the current fiscal year.

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.