Kinetik (NASDAQ:KNTK) PT Raised to $43.00

Kinetik (NASDAQ:KNTK) had its price target increased by equities researchers at JPMorgan Chase & Co. from $40.00 to $43.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 11.23% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Royal Bank of Canada started coverage on shares of Kinetik in a report on Monday, March 25th. They issued an “outperform” rating and a $40.00 price objective on the stock. Citigroup restated a “neutral” rating and issued a $35.00 price objective on shares of Kinetik in a report on Tuesday, December 19th. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Kinetik currently has a consensus rating of “Hold” and a consensus target price of $39.67.

Kinetik Trading Up 0.4 %

Shares of NASDAQ KNTK opened at $38.66 on Wednesday. Kinetik has a 1-year low of $26.32 and a 1-year high of $40.42. The company has a market cap of $5.94 billion, a PE ratio of 17.11, a P/E/G ratio of 2.60 and a beta of 2.80. The company has a 50-day moving average of $36.52 and a two-hundred day moving average of $35.08.

Kinetik (NASDAQ:KNTK) last announced its earnings results on Wednesday, February 28th. The company reported $1.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $1.24. The company had revenue of $348.87 million during the quarter, compared to the consensus estimate of $301.49 million. Kinetik had a net margin of 28.57% and a negative return on equity of 49.32%. The company’s revenue was up 18.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.25 earnings per share. As a group, equities research analysts forecast that Kinetik will post 2.02 earnings per share for the current year.

Insider Transactions at Kinetik

In other news, insider Anne Psencik sold 3,182 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $35.57, for a total transaction of $113,183.74. Following the completion of the sale, the insider now owns 247,128 shares of the company’s stock, valued at $8,790,342.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Anne Psencik sold 3,182 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $35.57, for a total transaction of $113,183.74. Following the completion of the sale, the insider now owns 247,128 shares of the company’s stock, valued at $8,790,342.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Corp Apache sold 13,079,871 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $33.75, for a total transaction of $441,445,646.25. The disclosure for this sale can be found here. Insiders sold 13,095,803 shares of company stock valued at $442,051,135 over the last quarter. Corporate insiders own 3.62% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. American International Group Inc. grew its position in Kinetik by 5.5% in the fourth quarter. American International Group Inc. now owns 9,050 shares of the company’s stock valued at $302,000 after purchasing an additional 474 shares in the last quarter. Cresset Asset Management LLC grew its position in Kinetik by 9.0% in the fourth quarter. Cresset Asset Management LLC now owns 6,576 shares of the company’s stock valued at $220,000 after purchasing an additional 541 shares in the last quarter. Legal & General Group Plc grew its position in Kinetik by 10.5% in the fourth quarter. Legal & General Group Plc now owns 6,770 shares of the company’s stock valued at $224,000 after purchasing an additional 642 shares in the last quarter. Toroso Investments LLC grew its position in Kinetik by 9.3% in the third quarter. Toroso Investments LLC now owns 7,897 shares of the company’s stock valued at $267,000 after purchasing an additional 669 shares in the last quarter. Finally, Ensign Peak Advisors Inc bought a new position in Kinetik in the third quarter valued at $31,000. 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.