The Goldman Sachs Group Raises Kinetik (NASDAQ:KNTK) Price Target to $61.00

Kinetik (NASDAQ:KNTK) had its price objective boosted by research analysts at The Goldman Sachs Group from $46.00 to $61.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 5.61% from the stock’s previous close.

KNTK has been the topic of several other reports. Wells Fargo & Company upped their price target on Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a research report on Wednesday. Barclays upped their target price on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Royal Bank of Canada raised their price target on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Mizuho boosted their price objective on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, Citigroup increased their target price on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Kinetik Price Performance

Shares of KNTK opened at $57.76 on Thursday. Kinetik has a one year low of $31.73 and a one year high of $62.55. The company has a 50-day moving average of $54.73 and a two-hundred day moving average of $47.09. The stock has a market cap of $9.10 billion, a price-to-earnings ratio of 21.31, a PEG ratio of 2.83 and a beta of 2.95.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Ashton Thomas Securities LLC acquired a new stake in shares of Kinetik in the 3rd quarter valued at $46,000. Blue Trust Inc. raised its holdings in Kinetik by 244.9% during the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after buying an additional 2,699 shares in the last quarter. CWM LLC lifted its position in shares of Kinetik by 2,030.9% in the third quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after buying an additional 3,615 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of Kinetik during the 2nd quarter worth about $187,000. Finally, Covestor Ltd increased its holdings in shares of Kinetik by 13,790.0% during the 3rd quarter. Covestor Ltd now owns 4,167 shares of the company’s stock valued at $189,000 after acquiring an additional 4,137 shares during the last quarter. Institutional investors and hedge funds 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.