Kinetik (NASDAQ:KNTK) Given New $61.00 Price Target at Barclays

Kinetik (NASDAQ:KNTK) had its price target raised by equities research analysts at Barclays from $47.00 to $61.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price objective would suggest a potential downside of 1.25% from the company’s current price.

A number of other research firms also recently commented on KNTK. The Goldman Sachs Group upped their price objective on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Wells Fargo & Company boosted their target price on Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Scotiabank assumed coverage on Kinetik in a research note on Friday, January 10th. They issued a “sector outperform” rating and a $64.00 target price for the company. Royal Bank of Canada boosted their target price on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Mizuho boosted their target price on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Kinetik presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.75.

Kinetik Trading Up 1.9 %

NASDAQ KNTK opened at $61.77 on Monday. The stock has a 50-day simple moving average of $57.67 and a 200 day simple moving average of $49.34. The company has a market capitalization of $9.73 billion, a PE ratio of 22.79, a P/E/G ratio of 2.85 and a beta of 2.91. Kinetik has a 12 month low of $31.73 and a 12 month high of $62.55.

Kinetik (NASDAQ:KNTK) last released 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). The company had revenue of $396.40 million during the quarter, compared to the consensus estimate of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.21 EPS. As a group, sell-side analysts predict that Kinetik will post 1.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC boosted its position in shares of Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after buying an additional 213 shares during the period. Ashton Thomas Securities LLC acquired a new position in Kinetik during the third quarter valued at approximately $46,000. Blue Trust Inc. boosted its position 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 purchasing an additional 2,699 shares during the last quarter. CWM LLC boosted its position in Kinetik by 2,030.9% during the third quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after purchasing an additional 3,615 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new position in Kinetik during the second quarter valued at approximately $187,000. 21.11% of the stock is owned by institutional investors and hedge funds.

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.