Truist Financial Issues Positive Forecast for Kinetik (NYSE:KNTK) Stock Price

Kinetik (NYSE:KNTK) had its price objective hoisted by research analysts at Truist Financial from $53.00 to $59.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 14.70% from the company’s previous close.

Other research analysts have also issued research reports about the company. Barclays set a $51.00 target price on Kinetik and gave the stock an “equal weight” rating in a research report on Thursday, August 6th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $51.00 price target on shares of Kinetik in a research note on Friday, May 8th. Raymond James Financial reiterated an “outperform” rating and issued a $55.00 price objective on shares of Kinetik in a report on Friday. Mizuho raised their price objective on Kinetik from $48.00 to $51.00 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $57.00 target price (up from $56.00) on shares of Kinetik in a research report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.87.

Kinetik Stock Performance

Shares of NYSE KNTK traded up $0.33 during midday trading on Wednesday, hitting $51.44. 134,014 shares of the company traded hands, compared to its average volume of 1,174,748. Kinetik has a 12-month low of $31.33 and a 12-month high of $52.69. The stock has a 50-day moving average price of $48.54 and a 200 day moving average price of $46.82. The firm has a market cap of $8.35 billion, a P/E ratio of 18.64, a P/E/G ratio of 1.69 and a beta of 0.56.

Kinetik (NYSE:KNTK) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.19 by $0.45. The business had revenue of $581.44 million during the quarter, compared to analyst estimates of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. Kinetik’s quarterly revenue was up 36.3% compared to the same quarter last year. During the same period last year, the business posted $0.33 earnings per share. As a group, equities analysts expect that Kinetik will post 0.97 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 235,349 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $50.52, for a total transaction of $11,889,831.48. Following the completion of the transaction, the insider owned 1,691,370 shares of the company’s stock, valued at $85,448,012.40. This trade represents a 12.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders sold 264,074 shares of company stock worth $13,332,540. 3.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Kinetik

Several large investors have recently modified their holdings of KNTK. CWM LLC lifted its holdings in shares of Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after purchasing an additional 352 shares in the last quarter. Signaturefd LLC boosted its position in shares of Kinetik by 101.5% in the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after purchasing an additional 404 shares during the period. Kestra Advisory Services LLC bought a new position in Kinetik in the 4th quarter worth $33,000. Los Angeles Capital Management LLC purchased a new position in shares of Kinetik in the fourth quarter valued at about $40,000. Finally, Huntington National Bank lifted its position in shares of Kinetik by 139.1% in the fourth quarter. Huntington National Bank now owns 1,222 shares of the company’s stock valued at $44,000 after acquiring an additional 711 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Company Profile

Kinetik (NYSE: KNTK) is a publicly listed midstream energy company focused on the development, operation and management of natural gas infrastructure across the United States. The company’s core business activities include the gathering, compression, processing, storage and transportation of natural gas, serving producers, utilities and industrial consumers. By integrating a suite of midstream services under a single platform, Kinetik aims to provide efficient, cost-effective and reliable solutions across the natural gas value chain.

The company was established in 2021 when assets were acquired from Talen Energy by a subsidiary of ArcLight Capital Partners, forming a comprehensive portfolio of pipelines, compression facilities and underground storage assets.