Kinetik (NASDAQ:KNTK) Stock Rating Reaffirmed by Barclays

Kinetik (NASDAQ:KNTK)‘s stock had its “equal weight” rating reissued by Barclays in a report issued on Wednesday, MarketBeat.com reports. They currently have a $43.00 price target on the stock. Barclays‘s price objective suggests a potential upside of 1.06% from the stock’s current price.

A number of other brokerages also recently issued reports on KNTK. Wells Fargo & Company raised their price objective on Kinetik from $37.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 14th. JPMorgan Chase & Co. upped their price objective on shares of Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Royal Bank of Canada initiated coverage on shares of Kinetik in a report on Monday, March 25th. They issued an “outperform” rating and a $40.00 target price for the company. Mizuho boosted 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, Scotiabank increased their target price on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a report on Tuesday, July 2nd. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Kinetik has a consensus rating of “Moderate Buy” and a consensus price target of $41.40.

Kinetik Trading Up 0.9 %

Kinetik stock opened at $42.55 on Wednesday. The stock has a market cap of $6.54 billion, a P/E ratio of 17.44, a PEG ratio of 2.61 and a beta of 2.96. The company has a 50-day moving average price of $40.53 and a 200 day moving average price of $37.25. Kinetik has a 12-month low of $31.31 and a 12-month high of $43.17.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.32). The firm had revenue of $341.39 million for the quarter, compared to analysts’ expectations of $277.52 million. Kinetik had a net margin of 29.62% and a negative return on equity of 48.03%. The firm’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.06) EPS. As a group, analysts forecast that Kinetik will post 1.15 EPS for the current year.

Institutional Investors Weigh In On Kinetik

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Blackstone Inc. increased its position in shares of Kinetik by 13.8% during the first quarter. Blackstone Inc. now owns 11,913,154 shares of the company’s stock worth $474,977,000 after purchasing an additional 1,442,653 shares in the last quarter. Westwood Holdings Group Inc. increased its position in Kinetik by 148.3% during the first quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company’s stock worth $93,636,000 after buying an additional 1,402,751 shares during the period. Vanguard Group Inc. lifted its stake in Kinetik by 52.0% in the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company’s stock valued at $132,158,000 after buying an additional 1,134,570 shares during the last quarter. Kayne Anderson Capital Advisors LP boosted its holdings in shares of Kinetik by 1,992.8% in the first quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company’s stock valued at $46,448,000 after acquiring an additional 1,109,308 shares during the period. Finally, Yaupon Capital Management LP purchased a new position in shares of Kinetik during the first quarter worth approximately $30,867,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.