Kinetik (NYSE:KNTK) Given New $56.00 Price Target at Barclays

Key Points

• Barclays raised its Kinetik price target to $56 from $51 while maintaining an “equal weight” rating, implying approximately 0.81% upside from the prior close. Analysts overall assign the stock a “Moderate Buy” rating with an average target of $54.33.
• Kinetik reported quarterly EPS of $0.64, significantly above the $0.19 consensus estimate, while revenue rose 36.3% year over year to $581.44 million.
• KNTK shares traded at $55.55, near their 52-week high of $56.92. A major shareholder recently sold 235,349 shares, and insiders have sold about 1.72 million shares over the past quarter.

Kinetik (NYSE:KNTK - Get Free Report) had its price objective increased by equities researchers at Barclays from $51.00 to $56.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Barclays's price target would indicate a potential upside of 0.81% from the company's previous close.

Several other equities analysts have also recently issued reports on the company. Wells Fargo & Company reiterated an "overweight" rating and issued a $54.00 price target on shares of Kinetik in a report on Monday, August 10th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $57.00 target price (up from $56.00) on shares of Kinetik in a research note on Tuesday, August 11th. Tudor Pickering initiated coverage on shares of Kinetik in a report on Monday, July 20th. They issued a "buy" rating and a $57.00 target price on the stock. Clear Str lowered Kinetik from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 17th. Finally, Wall Street Zen raised Kinetik from a "strong sell" rating to a "hold" rating in a research note on Saturday, August 8th. Two research 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 company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $54.33.

Kinetik Stock Performance

Shares of KNTK stock traded up $1.02 during mid-day trading on Tuesday, reaching $55.55. The company's stock had a trading volume of 604,885 shares, compared to its average volume of 1,178,678. The firm's 50-day moving average is $53.13 and its two-hundred day moving average is $49.95. The company has a market cap of $9.02 billion, a P/E ratio of 20.13, a PEG ratio of 1.32 and a beta of 0.61. Kinetik has a 1-year low of $31.33 and a 1-year high of $56.92.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.45. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%. The company had revenue of $581.44 million for the quarter, compared to analyst estimates of $421.48 million. During the same period in the prior year, the company posted $0.33 EPS. The company's revenue was up 36.3% compared to the same quarter last year. Sell-side analysts anticipate that Kinetik will post 1.30 EPS for the current year.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $50.52, for a total value of $11,889,831.48. Following the transaction, the insider directly owned 1,691,370 shares of the company's stock, valued at $85,448,012.40. This represents a 12.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders have sold 1,715,613 shares of company stock valued at $90,707,901. 3.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Kinetik

Several institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP raised its stake in Kinetik by 72.4% in the second quarter. Allworth Financial LP now owns 569 shares of the company's stock valued at $28,000 after purchasing an additional 239 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Kinetik by 10.5% during the 2nd quarter. GAMMA Investing LLC now owns 2,882 shares of the company's stock valued at $139,000 after purchasing an additional 273 shares during the last quarter. Essex Financial Services Inc. increased its holdings in Kinetik by 2.8% in the 1st quarter. Essex Financial Services Inc. now owns 19,057 shares of the company's stock worth $923,000 after purchasing an additional 515 shares in the last quarter. iSAM Funds UK Ltd increased its holdings in Kinetik by 11.9% in the 2nd quarter. iSAM Funds UK Ltd now owns 6,400 shares of the company's stock worth $309,000 after purchasing an additional 680 shares in the last quarter. Finally, IFP Advisors Inc raised its position in Kinetik by 28.3% in the second quarter. IFP Advisors Inc now owns 3,101 shares of the company's stock valued at $150,000 after purchasing an additional 684 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

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.

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