Kinetik (NASDAQ:KNTK) Sets New 12-Month High on Analyst Upgrade

Shares of Kinetik Holdings Inc. (NASDAQ:KNTKGet Free Report) reached a new 52-week high on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $63.00 to $65.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Kinetik traded as high as $63.34 and last traded at $62.66, with a volume of 18946 shares. The stock had previously closed at $61.92.

Several other equities research analysts also recently weighed in on KNTK. Barclays upped their price objective on shares of Kinetik from $47.00 to $61.00 and gave the stock an “equal weight” rating in a report on Monday. The Goldman Sachs Group upped their price target on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Royal Bank of Canada upped their price target on shares of Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Wells Fargo & Company upped their price target on shares of Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Finally, Citigroup upped their price target on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $59.50.

Read Our Latest Report on Kinetik

Institutional Trading of Kinetik

Institutional investors and hedge funds have recently bought and sold shares of the stock. Versor Investments LP acquired a new stake in Kinetik during the 3rd quarter worth about $543,000. Barclays PLC raised its holdings in Kinetik by 34.5% during the 3rd quarter. Barclays PLC now owns 234,286 shares of the company’s stock worth $10,603,000 after buying an additional 60,058 shares during the period. Principal Financial Group Inc. acquired a new stake in Kinetik during the 3rd quarter worth about $921,000. Eos Management L.P. raised its holdings in Kinetik by 84.9% during the 3rd quarter. Eos Management L.P. now owns 27,000 shares of the company’s stock worth $1,222,000 after buying an additional 12,400 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Kinetik by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock worth $39,742,000 after buying an additional 13,644 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Trading Up 0.6 %

The stock has a market cap of $9.81 billion, a price-to-earnings ratio of 22.99, a P/E/G ratio of 2.85 and a beta of 2.91. The company has a fifty day simple moving average of $57.91 and a 200-day simple moving average of $49.49.

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

About Kinetik

(Get Free Report)

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.

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