Kinetik (NASDAQ:KNTK) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Kinetik (NASDAQ:KNTK) had its price target boosted by JPMorgan Chase & Co. from $63.00 to $65.00 in a research report report published on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts also recently weighed in on the company. Barclays raised their price target on Kinetik from $47.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Monday. The Goldman Sachs Group lifted their price target on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Scotiabank initiated coverage on Kinetik in a research note on Friday, January 10th. They issued a “sector outperform” rating and a $64.00 price target on the stock. Mizuho raised their price objective on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, 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 research report on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $59.50.

Kinetik Trading Up 0.6 %

NASDAQ:KNTK opened at $62.29 on Wednesday. Kinetik has a twelve month low of $31.73 and a twelve month high of $63.34. The company has a market capitalization of $9.81 billion, a P/E ratio of 22.29, a price-to-earnings-growth ratio of 1.67 and a beta of 2.91. The firm has a 50-day moving average price of $58.11 and a two-hundred day moving average price of $49.58.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.10). The company had revenue of $396.40 million during the quarter, compared to analysts’ expectations of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The firm’s revenue was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.21 earnings per share. On average, equities research analysts predict that Kinetik will post 1.35 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of KNTK. HITE Hedge Asset Management LLC acquired a new stake in Kinetik during the second quarter valued at $13,550,000. Renaissance Technologies LLC increased its stake in shares of Kinetik by 88.3% during the 2nd quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock worth $26,271,000 after purchasing an additional 297,200 shares during the last quarter. Merewether Investment Management LP boosted its holdings in Kinetik by 56.6% in the third 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. Gilman Hill Asset Management LLC raised its stake in shares of 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 acquiring an additional 206,999 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in shares of Kinetik by 196.0% in the second quarter. Marshall Wace LLP now owns 302,892 shares of the company’s stock worth $12,552,000 after buying an additional 200,572 shares during the last quarter. 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.