Kinetik Holdings Inc. (NYSE:KNTK) Stock Has Average Target Price of $55.53

Shares of Kinetik Holdings Inc. (NYSE:KNTK) have been given an average recommendation of “Moderate Buy” by the nineteen brokerages that are currently covering the company, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $55.47.

KNTK has been the subject of several research analyst reports. Wells Fargo & Company restated an “overweight” rating and set a $54.00 price objective on shares of Kinetik in a research report on Monday, August 10th. Weiss Ratings upgraded Kinetik from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Jefferies Financial Group reiterated a “hold” rating and set a $54.00 price objective (down from $56.00) on shares of Kinetik in a research report on Monday. Tudor Pickering began coverage on shares of Kinetik in a research report on Monday, July 20th. They set a “buy” rating and a $57.00 price objective for the company. Finally, Zacks Research upgraded shares of Kinetik from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, September 23rd.

Kinetik Price Performance

Kinetik stock opened at $54.70 on Tuesday. The firm has a market cap of $8.88 billion, a PE ratio of 18.81, a price-to-earnings-growth ratio of 1.24 and a beta of 0.61. The stock’s fifty day moving average price is $53.87 and its two-hundred day moving average price is $50.36. Kinetik has a one year low of $31.33 and a one year high of $56.92.

Kinetik (NYSE:KNTK) last released its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.45. Kinetik had a negative return on equity of 38.96% and a net margin of 26.19%. The firm had revenue of $581.44 million during the quarter, compared to the consensus estimate of $421.48 million. During the same period in the prior year, the company posted $0.33 EPS. The company’s revenue was up 36.3% compared to the same quarter last year. Sell-side analysts expect that Kinetik will post 1.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 2,000,000 shares of the stock in a transaction on Tuesday, October 13th. The stock was sold at an average price of $54.77, for a total value of $109,540,000.00. Following the completion of the sale, the insider directly owned 1 shares in the company, valued at $54.77. This represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 3,931,632 shares of company stock valued at $211,967,059 over the last quarter. Insiders own 3.56% of the company’s stock.

Hedge Funds Weigh In On Kinetik

A number of hedge funds and other institutional investors have recently made changes to their positions in KNTK. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in Kinetik by 1.7% during the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock worth $90,720,000 after buying an additional 30,600 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Kinetik by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock worth $33,285,000 after purchasing an additional 8,513 shares during the period. NEOS Investment Management LLC increased its holdings in Kinetik by 30.9% in the second quarter. NEOS Investment Management LLC now owns 392,128 shares of the company’s stock worth $18,955,000 after purchasing an additional 92,637 shares in the last quarter. Pictet Asset Management Holding SA increased its holdings in Kinetik by 107.1% in the first quarter. Pictet Asset Management Holding SA now owns 365,652 shares of the company’s stock worth $17,701,000 after purchasing an additional 189,065 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Kinetik during the 2nd quarter worth approximately $17,364,000. 21.11% of the stock is owned by institutional investors and hedge funds.

About Kinetik

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company’s assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.