Kinetik (NASDAQ:KNTK) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Kinetik (NASDAQ:KNTK) had its price objective boosted by Wells Fargo & Company from $58.00 to $60.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 9.95% from the stock’s current price.

Several other research firms have also issued reports on KNTK. Mizuho upped their price target on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Citigroup upped their target price on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday. Royal Bank of Canada lifted their price target on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Barclays upped their price objective on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Kinetik Price Performance

Kinetik stock opened at $54.57 on Wednesday. The firm has a 50-day moving average of $54.73 and a 200-day moving average of $47.09. The company has a market cap of $8.60 billion, a price-to-earnings ratio of 20.14, a P/E/G ratio of 2.83 and a beta of 2.95. Kinetik has a one year low of $31.73 and a one year high of $62.55.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The company had revenue of $396.40 million during the quarter, compared to the consensus estimate of $331.21 million. During the same quarter in the prior year, the business earned $0.21 earnings per share. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. As a group, sell-side analysts expect that Kinetik will post 1.35 earnings per share for the current year.

Institutional Trading of Kinetik

Hedge funds have recently added to or reduced their stakes in the company. HITE Hedge Asset Management LLC bought a new position in Kinetik during the 2nd quarter worth $13,550,000. Renaissance Technologies LLC increased its position in Kinetik by 88.3% during the second quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock worth $26,271,000 after acquiring an additional 297,200 shares during the period. SIR Capital Management L.P. bought a new position in Kinetik during the second quarter worth about $11,537,000. Merewether Investment Management LP raised its stake in Kinetik by 56.6% in the 3rd quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock worth $29,976,000 after purchasing an additional 239,500 shares in the last quarter. Finally, Gilman Hill Asset Management LLC boosted its holdings in Kinetik by 551.6% in the 3rd quarter. Gilman Hill Asset Management LLC now owns 244,524 shares of the company’s stock valued at $11,067,000 after purchasing an additional 206,999 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

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.