Barclays Increases Kinetik (NASDAQ:KNTK) Price Target to $58.00

Kinetik (NASDAQ:KNTK - Get Free Report) had its price target lifted by equities researchers at Barclays from $57.00 to $58.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Barclays's price objective would indicate a potential upside of 41.81% from the company's previous close.

A number of other research analysts have also weighed in on KNTK. The Goldman Sachs Group increased their price target on Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. Scotiabank dropped their price objective on shares of Kinetik from $62.00 to $60.00 and set a "sector outperform" rating for the company in a research report on Thursday, March 6th. Wells Fargo & Company dropped their target price on Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. JPMorgan Chase & Co. boosted their price objective on shares of Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a report on Wednesday, January 15th. Finally, US Capital Advisors upgraded shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Kinetik has a consensus rating of "Moderate Buy" and a consensus target price of $59.75.

Kinetik Price Performance

Kinetik stock traded down $2.85 during mid-day trading on Wednesday, hitting $40.90. 226,239 shares of the company were exchanged, compared to its average volume of 605,440. The company has a market capitalization of $6.45 billion, a P/E ratio of 15.09, a PEG ratio of 1.52 and a beta of 2.68. The business's 50 day simple moving average is $51.99 and its two-hundred day simple moving average is $55.36. Kinetik has a 12-month low of $37.65 and a 12-month high of $67.60.

Insider Buying and Selling

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the business's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the sale, the insider now owns 657,583 shares in the company, valued at $34,628,320.78. The trade was a 61.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.83% of the company's stock.

Institutional Trading of Kinetik

Several hedge funds and other institutional investors have recently modified their holdings of the business. Exchange Traded Concepts LLC boosted its stake in shares of Kinetik by 9.2% during the 1st quarter. Exchange Traded Concepts LLC now owns 88,734 shares of the company's stock valued at $4,609,000 after buying an additional 7,504 shares during the period. Jackson Square Capital LLC bought a new position in Kinetik during the first quarter worth $768,000. SG Americas Securities LLC bought a new position in shares of Kinetik during the 1st quarter worth about $647,000. Dividend Assets Capital LLC raised its holdings in Kinetik by 63.2% in the 1st quarter. Dividend Assets Capital LLC now owns 15,161 shares of the company's stock valued at $787,000 after acquiring an additional 5,871 shares in the last quarter. Finally, Gilman Hill Asset Management LLC lifted its position in Kinetik by 1.1% in the first quarter. Gilman Hill Asset Management LLC now owns 235,724 shares of the company's stock worth $12,243,000 after purchasing an additional 2,571 shares during the period. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Company Profile

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.