Kinetik (NASDAQ:KNTK) Given New $58.00 Price Target at Citigroup

Kinetik (NASDAQ:KNTK) had its target price upped by investment analysts at Citigroup from $54.00 to $58.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price objective would indicate a potential upside of 3.23% from the stock’s previous close.

Several other brokerages have also weighed in on KNTK. Mizuho increased their price objective on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Royal Bank of Canada upped their price target on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Barclays raised their price objective on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $49.00.

Kinetik Stock Down 0.4 %

NASDAQ KNTK opened at $56.19 on Monday. Kinetik has a 52 week low of $31.73 and a 52 week high of $62.55. The business’s fifty day simple moving average is $54.34 and its 200-day simple moving average is $46.88. The firm has a market cap of $8.85 billion, a PE ratio of 20.73, a P/E/G ratio of 2.83 and a beta of 2.95.

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

Hedge Funds Weigh In On Kinetik

A number of hedge funds and other institutional investors have recently bought and sold shares of KNTK. Ashton Thomas Securities LLC purchased a new position in Kinetik in the 3rd quarter valued at approximately $46,000. Blue Trust Inc. raised its stake in shares of Kinetik by 244.9% in the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after acquiring an additional 2,699 shares in the last quarter. CWM LLC boosted its holdings in Kinetik by 2,030.9% in 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 period. Point72 DIFC Ltd purchased a new position in Kinetik in the second quarter valued at $187,000. Finally, Covestor Ltd grew its stake in Kinetik by 13,790.0% during the 3rd quarter. Covestor Ltd now owns 4,167 shares of the company’s stock worth $189,000 after purchasing an additional 4,137 shares in the last quarter. 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.