Kinetik (NASDAQ:KNTK) Price Target Raised to $65.00

Kinetik (NASDAQ:KNTK) had its target price increased by JPMorgan Chase & Co. from $63.00 to $65.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities analysts also recently issued research reports about the stock. The Goldman Sachs Group boosted their target price on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Wells Fargo & Company boosted their price target on shares of Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Scotiabank assumed coverage on Kinetik in a research report on Friday, January 10th. They set a “sector outperform” rating and a $64.00 price objective for the company. Barclays boosted their target price on Kinetik from $47.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Monday, January 13th. Finally, Mizuho increased their price target on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $59.50.

Kinetik Stock Performance

KNTK opened at $65.29 on Wednesday. The stock has a market cap of $10.28 billion, a price-to-earnings ratio of 24.09, a price-to-earnings-growth ratio of 1.67 and a beta of 2.91. The firm’s fifty day moving average is $58.42 and its 200 day moving average is $49.84. Kinetik has a fifty-two week low of $31.73 and a fifty-two week high of $65.39.

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

Institutional Investors Weigh In On Kinetik

Institutional investors have recently modified their holdings of the stock. Rhumbline Advisers increased its position in shares of Kinetik by 17.6% during the 2nd quarter. Rhumbline Advisers now owns 60,529 shares of the company’s stock valued at $2,508,000 after purchasing an additional 9,044 shares during the last quarter. Federated Hermes Inc. purchased a new position in Kinetik during the second quarter worth $3,467,000. Dimensional Fund Advisors LP increased its position in Kinetik by 70.3% during the second quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company’s stock valued at $18,927,000 after acquiring an additional 188,533 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Kinetik by 88.3% in the second quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock valued at $26,271,000 after acquiring an additional 297,200 shares during the period. Finally, Hsbc Holdings PLC bought a new stake in shares of Kinetik in the 2nd quarter worth about $210,000. 21.11% of the stock is owned by 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.