Kinetik (NYSE:KNTK) PT Set at $43.00 by Barclays

Kinetik (NYSE:KNTK - Get Free Report) has been given a $43.00 target price by investment analysts at Barclays in a research report issued on Monday, MarketBeat.com reports. The firm presently has an "equal weight" rating on the stock. Barclays's price objective would suggest a potential upside of 3.46% from the stock's previous close.

Several other research firms have also commented on KNTK. Royal Bank Of Canada dropped their price objective on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. US Capital Advisors raised shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Mizuho decreased their target price on Kinetik from $70.00 to $61.00 and set an "outperform" rating for the company in a research report on Tuesday, May 20th. Wall Street Zen downgraded Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. Finally, Citigroup reiterated a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Kinetik has a consensus rating of "Moderate Buy" and a consensus target price of $56.00.

Kinetik Price Performance

Shares of KNTK opened at $41.56 on Monday. The company has a 50 day simple moving average of $43.69 and a two-hundred day simple moving average of $50.74. Kinetik has a 1 year low of $37.85 and a 1 year high of $67.60. The firm has a market cap of $6.56 billion, a P/E ratio of 43.75 and a beta of 3.00.

Kinetik (NYSE:KNTK - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). Kinetik had a net margin of 10.74% and a negative return on equity of 8.05%. The business had revenue of $443.26 million during the quarter, compared to analysts' expectations of $466.54 million. During the same period last year, the business posted $0.12 earnings per share. The company's revenue for the quarter was up 29.8% compared to the same quarter last year.

Insider Buying and Selling at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of Kinetik stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the sale, the insider directly owned 1 shares in the company, valued at $44.16. The trade was a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.83% of the stock is owned by insiders.

Hedge Funds Weigh In On Kinetik

A number of large investors have recently added to or reduced their stakes in the company. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in Kinetik by 32.0% in the second quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 779,000 shares of the company's stock worth $34,315,000 after purchasing an additional 189,000 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in Kinetik in the second quarter worth about $210,000. Chickasaw Capital Management LLC raised its holdings in Kinetik by 7.7% in the second quarter. Chickasaw Capital Management LLC now owns 670,344 shares of the company's stock worth $29,529,000 after purchasing an additional 47,956 shares in the last quarter. Gilman Hill Asset Management LLC raised its holdings in Kinetik by 3.5% in the second quarter. Gilman Hill Asset Management LLC now owns 244,003 shares of the company's stock worth $10,748,000 after purchasing an additional 8,279 shares in the last quarter. Finally, Strs Ohio purchased a new stake in shares of Kinetik during the first quarter worth about $93,000. 21.11% of the stock is currently owned by institutional investors.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.