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

Key Points

• Wells Fargo raised Kinetik’s price target from $54 to $56 and maintained an Overweight rating, implying about 15.2% upside from the stock’s current price.
• Analyst views are generally positive: Kinetik has a consensus “Moderate Buy” rating and an average price target of $56.57, though some analysts maintain Hold ratings.
• Kinetik reported quarterly EPS of $0.26, below the $0.40 consensus estimate, while revenue rose 22.7% year over year to $569.4 million.

Kinetik (NYSE:KNTK - Get Free Report) had its price target raised by equities researchers at Wells Fargo & Company from $54.00 to $56.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 15.18% from the stock's current price.

Other analysts also recently issued reports about the stock. Jefferies Financial Group restated a "hold" rating and set a $54.00 price target (down from $56.00) on shares of Kinetik in a research report on Monday, October 19th. The Goldman Sachs Group reiterated a "buy" rating and set a $58.00 price objective on shares of Kinetik in a research note on Wednesday, October 14th. Zacks Research downgraded Kinetik from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 30th. Royal Bank Of Canada increased their price target on Kinetik from $57.00 to $58.00 and gave the company an "outperform" rating in a research note on Wednesday, October 14th. Finally, Truist Financial boosted their price objective on Kinetik from $53.00 to $59.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, Kinetik has a consensus rating of "Moderate Buy" and an average target price of $56.57.

Kinetik Price Performance

NYSE:KNTK opened at $48.62 on Monday. Kinetik has a 12-month low of $31.33 and a 12-month high of $58.90. The firm has a market capitalization of $7.89 billion, a P/E ratio of 16.26, a P/E/G ratio of 1.08 and a beta of 0.67. The business has a 50 day simple moving average of $53.84 and a 200 day simple moving average of $48.96.

Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results on Wednesday, November 4th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.14). Kinetik had a net margin of 25.65% and a negative return on equity of 42.78%. The business had revenue of $569.40 million for the quarter. During the same quarter in the prior year, the firm earned $0.03 earnings per share. Kinetik's quarterly revenue was up 22.7% compared to the same quarter last year. Research analysts anticipate that Kinetik will post 1.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 14,889 shares of the firm's stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $55.07, for a total transaction of $819,937.23. Following the completion of the sale, the insider directly owned 961,114 shares in the company, valued at approximately $52,928,547.98. This trade represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 3,627,971 shares of company stock worth $196,817,834 in the last ninety days. Company insiders own 3.56% of the company's stock.

Institutional Investors Weigh In On Kinetik

Several large investors have recently modified their holdings of KNTK. Russell Investments Group Ltd. lifted its position in shares of Kinetik by 71.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 123,025 shares of the company's stock valued at $6,176,000 after acquiring an additional 51,089 shares in the last quarter. Fifth Third Bancorp grew its position in Kinetik by 19.6% during the 3rd quarter. Fifth Third Bancorp now owns 18,391 shares of the company's stock worth $923,000 after purchasing an additional 3,020 shares in the last quarter. Maryland State Retirement & Pension System grew its position in Kinetik by 84.0% during the 3rd quarter. Maryland State Retirement & Pension System now owns 14,088 shares of the company's stock worth $707,000 after purchasing an additional 6,431 shares in the last quarter. Illinois Municipal Retirement Fund grew its position in Kinetik by 16.4% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 26,566 shares of the company's stock worth $1,334,000 after purchasing an additional 3,736 shares in the last quarter. Finally, Woodley Farra Manion Portfolio Management Inc. raised its stake in Kinetik by 8.5% during the 3rd quarter. Woodley Farra Manion Portfolio Management Inc. now owns 90,862 shares of the company's stock valued at $4,561,000 after purchasing an additional 7,117 shares during the period. 21.11% of the stock is owned by institutional investors.

Kinetik Company Profile

Kinetik Holdings provides midstream services to oil and natural gas producers operating in the Permian Basin, with a focus on the Delaware Basin in West Texas and southeastern New Mexico. Its services connect producing wells to downstream markets and other energy infrastructure.

The company's operations include natural gas gathering, compression, processing and transportation, as well as crude oil gathering and produced-water gathering, recycling and disposal. Kinetik also provides related infrastructure and commercial services to its producer customers.

Kinetik was formed in 2022 through the merger of EagleClaw Midstream and Altus Midstream.

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