Kinetik (NYSE:KNTK) Price Target Raised to $59.00 at Truist Financial

Key Points

• Truist Financial raised Kinetik’s price target to $59 from $53 and maintained a “buy” rating, implying 14.7% upside from the prior close. Analysts collectively rate the stock “Moderate Buy,” with a consensus target of $52.87.
• Kinetik reported quarterly EPS of $0.64, well above the $0.19 consensus estimate, while revenue reached $581.44 million and grew 36.3% year over year.
• Kinetik shares traded near a 52-week high at $51.44, while a major shareholder sold approximately $11.9 million in stock. Institutional investors own 21.11% of the company.

Kinetik (NYSE:KNTK - Get Free Report) had its price objective lifted by analysts at Truist Financial from $53.00 to $59.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's price objective would indicate a potential upside of 14.70% from the stock's previous close.

KNTK has been the topic of several other research reports. JPMorgan Chase & Co. raised their price objective on shares of Kinetik from $54.00 to $57.00 and gave the company an "overweight" rating in a research report on Tuesday, July 14th. Morgan Stanley set a $64.00 target price on shares of Kinetik and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Jefferies Financial Group reissued a "hold" rating and issued a $51.00 target price on shares of Kinetik in a research note on Friday, May 8th. Citigroup reaffirmed a "buy" rating and set a $55.00 price target (up from $52.00) on shares of Kinetik in a research note on Tuesday. Finally, Tudor Pickering began coverage on Kinetik in a report on Monday, July 20th. They issued a "buy" rating and a $57.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $52.87.

Kinetik Stock Performance

Kinetik stock traded up $0.33 during midday trading on Wednesday, hitting $51.44. 134,014 shares of the company's stock were exchanged, compared to its average volume of 1,174,748. The company has a market cap of $8.35 billion, a P/E ratio of 18.64, a PEG ratio of 1.69 and a beta of 0.56. The stock has a 50-day moving average price of $48.54 and a two-hundred day moving average price of $46.82. Kinetik has a 52-week low of $31.33 and a 52-week high of $52.69.

Kinetik (NYSE:KNTK - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.19 by $0.45. The company had revenue of $581.44 million during the quarter, compared to analyst estimates of $421.48 million. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%.Kinetik's revenue was up 36.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 earnings per share. As a group, sell-side analysts expect that Kinetik will post 0.97 earnings per share 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 business's stock in a transaction on 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 completion of the sale, the insider directly owned 1,691,370 shares of the company's stock, valued at $85,448,012.40. The trade was a 12.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders have sold 264,074 shares of company stock valued at $13,332,540. 3.56% of the stock is owned by company insiders.

Institutional Investors Weigh In On Kinetik

Hedge funds and other institutional investors have recently modified their holdings of the stock. Zimmer Partners LP purchased a new position in shares of Kinetik in the fourth quarter valued at about $98,611,000. Wellington Management Group LLP grew its stake in shares of Kinetik by 149.6% in the fourth quarter. Wellington Management Group LLP now owns 1,608,403 shares of the company's stock worth $57,983,000 after purchasing an additional 964,130 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in shares of Kinetik by 86.5% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company's stock worth $66,455,000 after purchasing an additional 855,000 shares during the last quarter. Cohen & Steers Inc. increased its holdings in Kinetik by 82.5% during the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company's stock valued at $66,458,000 after purchasing an additional 833,224 shares during the period. Finally, Principal Financial Group Inc. raised its position in Kinetik by 382.8% during the 4th quarter. Principal Financial Group Inc. now owns 1,018,692 shares of the company's stock valued at $36,724,000 after purchasing an additional 807,707 shares during the last quarter. Institutional investors own 21.11% of the company's stock.

About Kinetik

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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