Kinetik (NASDAQ:KNTK) Price Target Raised to $61.00 at Barclays

Kinetik (NASDAQ:KNTK) had its price target lifted by Barclays from $47.00 to $61.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research analysts also recently issued reports on KNTK. Wells Fargo & Company boosted their price objective on Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Citigroup upped their price target on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Scotiabank assumed coverage on shares of Kinetik in a research report on Friday, January 10th. They set a “sector outperform” rating and a $64.00 price objective on the stock. Royal Bank of Canada upped their target price on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Mizuho increased their price target on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Kinetik currently has an average rating of “Moderate Buy” and a consensus target price of $59.50.

Kinetik Trading Up 0.6 %

KNTK opened at $62.29 on Monday. Kinetik has a 1-year low of $31.73 and a 1-year high of $63.34. The firm’s 50 day simple moving average is $58.11 and its two-hundred day simple moving average is $49.58. The company has a market capitalization of $9.81 billion, a PE ratio of 22.29, a PEG ratio of 1.67 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last announced its earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company had revenue of $396.40 million during the quarter, compared to the consensus estimate of $331.21 million. During the same period in the prior year, the business posted $0.21 earnings per share. Kinetik’s revenue for the quarter was up 20.0% compared to the same quarter last year. Equities analysts forecast that Kinetik will post 1.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kinetik

Several institutional investors have recently bought and sold shares of KNTK. Rhumbline Advisers lifted its stake in Kinetik by 17.6% in the 2nd quarter. Rhumbline Advisers now owns 60,529 shares of the company’s stock worth $2,508,000 after purchasing an additional 9,044 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Kinetik by 53.9% in the second quarter. Arizona State Retirement System now owns 10,865 shares of the company’s stock worth $450,000 after buying an additional 3,804 shares in the last quarter. Federated Hermes Inc. bought a new position in Kinetik during the second quarter valued at approximately $3,467,000. Dimensional Fund Advisors LP grew its holdings in Kinetik by 70.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company’s stock valued at $18,927,000 after buying an additional 188,533 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in Kinetik by 88.3% in the 2nd quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock worth $26,271,000 after acquiring an additional 297,200 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.