Kinetik (NASDAQ:KNTK) PT Raised to $48.00 at Scotiabank

Kinetik (NASDAQ:KNTK) had its price target raised by equities researchers at Scotiabank from $42.00 to $48.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s target price indicates a potential upside of 13.80% from the company’s current price.

Several other research firms have also commented on KNTK. Royal Bank of Canada initiated coverage on Kinetik in a research report on Monday, March 25th. They set an “outperform” rating and a $40.00 price target on the stock. Mizuho boosted their target price on Kinetik from $39.00 to $42.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Barclays initiated coverage on Kinetik in a report on Monday, April 22nd. They issued an “equal weight” rating and a $40.00 target price on the stock. Wells Fargo & Company boosted their target price on Kinetik from $37.00 to $40.00 and gave the company an “equal weight” rating in a report on Tuesday, May 14th. Finally, JPMorgan Chase & Co. boosted their target price on Kinetik from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Kinetik has a consensus rating of “Moderate Buy” and an average target price of $41.10.

Kinetik Trading Up 1.2 %

KNTK stock traded up $0.51 during trading on Tuesday, hitting $42.18. 47,918 shares of the company’s stock were exchanged, compared to its average volume of 525,482. The business has a 50-day moving average price of $39.93 and a two-hundred day moving average price of $36.79. The stock has a market capitalization of $6.48 billion, a price-to-earnings ratio of 17.26, a PEG ratio of 2.56 and a beta of 2.96. Kinetik has a 52-week low of $31.31 and a 52-week high of $42.20.

Kinetik (NASDAQ:KNTK) last posted its earnings results on Wednesday, May 8th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.32). The business had revenue of $341.39 million for the quarter, compared to analysts’ expectations of $277.52 million. Kinetik had a negative return on equity of 48.03% and a net margin of 29.62%. Kinetik’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.06) EPS. On average, equities research analysts anticipate that Kinetik will post 1.15 earnings per share for the current fiscal year.

Institutional Trading of Kinetik

Several institutional investors and hedge funds have recently made changes to their positions in KNTK. Invesco Ltd. lifted its position in shares of Kinetik by 2,738.5% in the third quarter. Invesco Ltd. now owns 199,118 shares of the company’s stock valued at $6,720,000 after acquiring an additional 192,103 shares in the last quarter. Alps Advisors Inc. increased its stake in Kinetik by 17.0% during the third quarter. Alps Advisors Inc. now owns 29,413 shares of the company’s stock worth $993,000 after acquiring an additional 4,275 shares during the last quarter. Graham Capital Management L.P. acquired a new stake in Kinetik during the third quarter worth about $252,000. Exchange Traded Concepts LLC increased its stake in Kinetik by 55.4% during the fourth quarter. Exchange Traded Concepts LLC now owns 44,000 shares of the company’s stock worth $1,470,000 after acquiring an additional 15,694 shares during the last quarter. Finally, SL Advisors LLC acquired a new stake in Kinetik during the fourth quarter worth about $321,000. 21.11% of the stock is currently owned by hedge funds and other 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.