Kinetik (NASDAQ:KNTK) Given a $48.00 Price Target at Barclays

Kinetik (NASDAQ:KNTK) received a $48.00 price target from equities researchers at Barclays in a research note issued on Tuesday, MarketBeat.com reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price objective suggests a potential upside of 8.06% from the stock’s previous close.

Several other equities analysts also recently commented on the company. UBS Group started coverage on Kinetik in a research report on Tuesday, April 29th. They issued a “neutral” rating and a $49.00 target price on the stock. Wells Fargo & Company decreased their target price on Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Friday, February 28th. US Capital Advisors raised Kinetik from a “hold” rating to a “moderate buy” rating in a research report on Monday, April 7th. Royal Bank of Canada reduced their price target on Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Finally, Scotiabank reduced their price target on Kinetik from $57.00 to $54.00 and set a “sector outperform” rating on the stock in a research report on Monday, May 12th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.11.

Kinetik Stock Up 0.1%

Shares of NASDAQ KNTK opened at $44.42 on Tuesday. Kinetik has a twelve month low of $37.85 and a twelve month high of $67.60. The business’s 50 day moving average price is $45.57 and its two-hundred day moving average price is $54.22. The company has a market cap of $7.01 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03.

Kinetik (NASDAQ:KNTK) last posted its earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.24). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The firm had revenue of $443.26 million during the quarter, compared to analyst estimates of $466.54 million. During the same period in the previous year, the company posted $0.12 EPS. Kinetik’s revenue for the quarter was up 29.8% compared to the same quarter last year. As a group, research analysts anticipate that Kinetik will post 1.96 EPS for the current fiscal year.

Insider Buying and Selling at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total value of $219,873,736.53. Following the sale, the insider now owns 1,044,520 shares of the company’s stock, valued at approximately $58,106,647.60. This trade represents a 79.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Kinetik

Large investors have recently modified their holdings of the business. Barclays PLC boosted its holdings in shares of Kinetik by 34.5% in the 3rd quarter. Barclays PLC now owns 234,286 shares of the company’s stock valued at $10,603,000 after purchasing an additional 60,058 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Kinetik by 14,124.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company’s stock valued at $820,000 after acquiring an additional 13,842 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Kinetik by 12.5% in the 4th quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company’s stock valued at $27,675,000 after acquiring an additional 54,081 shares during the last quarter. Jump Financial LLC lifted its stake in shares of Kinetik by 73.8% in the 4th quarter. Jump Financial LLC now owns 41,880 shares of the company’s stock valued at $2,375,000 after acquiring an additional 17,778 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Kinetik by 54.1% in the 4th quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company’s stock valued at $13,794,000 after acquiring an additional 85,378 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

About Kinetik

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.