Barclays Boosts Kinetik (NASDAQ:KNTK) Price Target to $47.00

Kinetik (NASDAQ:KNTK) had its price target upped by Barclays from $43.00 to $47.00 in a research note released on Monday, Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other equities analysts have also recently weighed in on the company. Scotiabank lifted their price target on Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 2nd. Royal Bank of Canada lifted their target price on Kinetik from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.86.

Kinetik Stock Performance

Shares of Kinetik stock opened at $49.76 on Monday. The stock has a market capitalization of $7.65 billion, a P/E ratio of 20.39, a P/E/G ratio of 2.60 and a beta of 2.91. Kinetik has a 52-week low of $31.73 and a 52-week high of $50.21. The stock’s 50-day simple moving average is $45.05 and its 200 day simple moving average is $42.08.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.11. The company had revenue of $359.50 million for the quarter, compared to analyst estimates of $305.94 million. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The company’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 earnings per share. Equities research analysts forecast that Kinetik will post 1.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Kinetik

A number of institutional investors have recently added to or reduced their stakes in KNTK. Beach Investment Counsel Inc. PA purchased a new position in shares of Kinetik during the second quarter worth about $27,000. Ameritas Investment Partners Inc. grew its stake in Kinetik by 112.8% in the 1st quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock worth $145,000 after buying an additional 1,926 shares in the last quarter. CWM LLC grew its stake in Kinetik by 2,030.9% in the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after buying an additional 3,615 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in shares of Kinetik by 270.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock worth $159,000 after buying an additional 2,803 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in shares of Kinetik during the 2nd quarter valued at $187,000. 21.11% of the stock is currently owned by institutional investors.

Kinetik Company Profile

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.