Barclays Increases Kinetik (NYSE:KNTK) Price Target to $46.00

Key Points

• Barclays raised its price target on Kinetik to $46.00 (from $44.00) while keeping an "equal weight" rating, implying about a 2.34% downside from the prior close.
• Kinetik beat expectations with $2.16 EPS versus $0.15 expected and $430.42M in revenue (up 11.5% YoY), and the stock traded up to $47.10 on the report.
• Insiders sold roughly 4.01 million shares worth $179.8M over the last quarter (insiders now own 3.83%), while analysts maintain a consensus Moderate Buy with an average target of $47.42.

Kinetik (NYSE:KNTK - Get Free Report) had its price objective lifted by stock analysts at Barclays from $44.00 to $46.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Barclays's target price suggests a potential downside of 2.34% from the company's previous close.

KNTK has been the topic of a number of other research reports. UBS Group lowered their price target on Kinetik from $49.00 to $48.00 and set a "neutral" rating on the stock in a research report on Monday, March 16th. Raymond James Financial set a $46.00 price target on Kinetik in a research report on Monday, January 5th. Citigroup boosted their price target on Kinetik from $46.00 to $51.00 and gave the stock a "buy" rating in a research report on Monday, March 2nd. Royal Bank Of Canada boosted their price target on Kinetik from $46.00 to $49.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 10th. Finally, Zacks Research raised Kinetik from a "strong sell" rating to a "hold" rating in a research report on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Kinetik currently has a consensus rating of "Moderate Buy" and an average target price of $47.42.

Kinetik Trading Up 2.9%

Shares of NYSE:KNTK traded up $1.34 during trading on Friday, hitting $47.10. 516,761 shares of the company were exchanged, compared to its average volume of 1,344,308. The stock has a market cap of $7.64 billion, a price-to-earnings ratio of 18.33, a P/E/G ratio of 1.54 and a beta of 0.66. Kinetik has a fifty-two week low of $31.33 and a fifty-two week high of $49.55. The firm has a fifty day moving average price of $44.80 and a two-hundred day moving average price of $39.81.

Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings results on Thursday, February 26th. The company reported $2.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.15 by $2.01. The firm had revenue of $430.42 million for the quarter. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.Kinetik's quarterly revenue was up 11.5% compared to the same quarter last year. During the same period last year, the firm earned $0.01 EPS.

Insider Transactions at Kinetik

In related news, insider Trevor Howard sold 1,619 shares of the business's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $75,963.48. Following the completion of the sale, the insider directly owned 249,795 shares in the company, valued at $11,720,381.40. The trade was a 0.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Matthew Wall sold 3,222 shares of the business's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $151,176.24. Following the completion of the sale, the insider owned 585,556 shares of the company's stock, valued at $27,474,287.52. This trade represents a 0.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 4,007,748 shares of company stock valued at $179,763,536. Company insiders own 3.83% of the company's stock.

Institutional Trading of Kinetik

Several institutional investors have recently added to or reduced their stakes in the company. ProShare Advisors LLC boosted its stake in Kinetik by 3.5% in the 4th quarter. ProShare Advisors LLC now owns 8,633 shares of the company's stock valued at $311,000 after purchasing an additional 294 shares during the period. Maryland State Retirement & Pension System grew its position in Kinetik by 5.4% during the fourth quarter. Maryland State Retirement & Pension System now owns 6,612 shares of the company's stock worth $238,000 after buying an additional 337 shares in the last quarter. Federated Hermes Inc. grew its position in Kinetik by 0.4% during the second quarter. Federated Hermes Inc. now owns 89,133 shares of the company's stock worth $3,926,000 after buying an additional 346 shares in the last quarter. CWM LLC grew its position in Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company's stock worth $27,000 after buying an additional 352 shares in the last quarter. Finally, SL Advisors LLC grew its position in Kinetik by 1.7% during the third quarter. SL Advisors LLC now owns 22,306 shares of the company's stock worth $953,000 after buying an additional 379 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors.

Kinetik Company Profile

Kinetik NYSE: KNTK is a publicly listed midstream energy company focused on the development, operation and management of natural gas infrastructure across the United States. The company's core business activities include the gathering, compression, processing, storage and transportation of natural gas, serving producers, utilities and industrial consumers. By integrating a suite of midstream services under a single platform, Kinetik aims to provide efficient, cost-effective and reliable solutions across the natural gas value chain.

The company was established in 2021 when assets were acquired from Talen Energy by a subsidiary of ArcLight Capital Partners, forming a comprehensive portfolio of pipelines, compression facilities and underground storage assets.

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