Kinetik (NASDAQ:KNTK) PT Raised to $42.00

Kinetik (NASDAQ:KNTK - Get Free Report) had its price target increased by equities research analysts at Scotiabank from $38.00 to $42.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a "sector outperform" rating on the stock. Scotiabank's target price suggests a potential upside of 5.40% from the company's current price.

A number of other analysts have also weighed in on KNTK. Barclays started coverage on shares of Kinetik in a report on Monday, April 22nd. They set an "equal weight" rating and a $40.00 target price on the stock. Royal Bank of Canada assumed coverage on Kinetik in a research note on Monday, March 25th. They set an "outperform" rating and a $40.00 price target for the company. Mizuho raised their price objective on Kinetik from $39.00 to $42.00 and gave the company a "buy" rating in a report on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. increased their target price on shares of Kinetik from $40.00 to $43.00 and gave the company an "overweight" rating in a report on Wednesday, April 17th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $40.30.

Kinetik Trading Up 2.3 %

Shares of KNTK traded up $0.89 during trading hours on Friday, reaching $39.85. 991,666 shares of the stock traded hands, compared to its average volume of 561,627. Kinetik has a 52 week low of $28.82 and a 52 week high of $40.44. The stock has a fifty day simple moving average of $38.09 and a 200 day simple moving average of $35.51. The company has a market cap of $6.12 billion, a price-to-earnings ratio of 17.65, a PEG ratio of 2.00 and a beta of 2.81.

Kinetik (NASDAQ:KNTK - Get Free Report) last released its earnings results on Wednesday, May 8th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.32). The firm had revenue of $341.39 million during the quarter, compared to analysts' expectations of $277.52 million. Kinetik had a negative return on equity of 49.32% and a net margin of 28.57%. The business's quarterly revenue was up 21.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.06) earnings per share. Analysts predict that Kinetik will post 2.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Kinetik

In related news, insider Trevor Howard sold 7,000 shares of the company's stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $37.62, for a total value of $263,340.00. Following the completion of the transaction, the insider now owns 198,411 shares of the company's stock, valued at approximately $7,464,221.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Anne Psencik sold 3,182 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $35.57, for a total transaction of $113,183.74. Following the completion of the transaction, the insider now directly owns 247,128 shares of the company's stock, valued at $8,790,342.96. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Trevor Howard sold 7,000 shares of the company's stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $37.62, for a total transaction of $263,340.00. Following the sale, the insider now directly owns 198,411 shares in the company, valued at approximately $7,464,221.82. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,095,803 shares of company stock valued at $442,051,135. Company insiders own 3.71% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ProShare Advisors LLC bought a new stake in shares of Kinetik in the 1st quarter worth about $261,000. American Financial Group Inc. grew its stake in Kinetik by 3.8% in the 1st quarter. American Financial Group Inc. now owns 13,500 shares of the company's stock worth $538,000 after acquiring an additional 500 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Kinetik by 140.7% during the first quarter. Russell Investments Group Ltd. now owns 74,800 shares of the company's stock worth $2,982,000 after acquiring an additional 43,729 shares during the period. Donoghue Forlines LLC purchased a new stake in shares of Kinetik in the first quarter valued at approximately $359,000. Finally, Sei Investments Co. increased its holdings in Kinetik by 367.6% during the 1st quarter. Sei Investments Co. now owns 55,663 shares of the company's stock worth $2,219,000 after purchasing an additional 43,758 shares during the period. Hedge funds and other institutional investors own 21.11% of the company's stock.

About Kinetik

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.

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