Kinetik (NASDAQ:KNTK) Coverage Initiated at Barclays

Research analysts at Barclays initiated coverage on shares of Kinetik (NASDAQ:KNTK) in a report released on Monday, MarketBeat reports. The brokerage set an “equal weight” rating and a $40.00 price target on the stock. Barclays‘s price objective points to a potential upside of 3.57% from the stock’s previous close.

A number of other brokerages also recently commented on KNTK. Royal Bank of Canada began coverage on Kinetik in a research report on Monday, March 25th. They set an “outperform” rating and a $40.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 17th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Kinetik currently has an average rating of “Hold” and an average price target of $40.00.

Kinetik Stock Down 1.0 %

NASDAQ KNTK opened at $38.62 on Monday. The firm has a market cap of $5.93 billion, a PE ratio of 17.09, a P/E/G ratio of 2.37 and a beta of 2.80. Kinetik has a 52 week low of $26.32 and a 52 week high of $40.42. The business’s fifty day simple moving average is $36.89 and its 200-day simple moving average is $35.25.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $1.24. The firm had revenue of $348.87 million for the quarter, compared to analyst estimates of $301.49 million. Kinetik had a net margin of 28.57% and a negative return on equity of 49.32%. Kinetik’s revenue was up 18.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.25 EPS. Research analysts expect that Kinetik will post 2 EPS for the current year.

Insider Buying and Selling at Kinetik

In other Kinetik news, insider Anne Psencik sold 3,182 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $35.57, for a total transaction of $113,183.74. Following the completion of the sale, the insider now owns 247,128 shares in the company, valued at approximately $8,790,342.96. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Anne Psencik sold 3,182 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $35.57, for a total value of $113,183.74. Following the sale, the insider now owns 247,128 shares of the company’s stock, valued at approximately $8,790,342.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Corp Apache sold 13,079,871 shares of the business’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $33.75, for a total value of $441,445,646.25. The disclosure for this sale can be found here. Insiders sold a total of 13,095,803 shares of company stock worth $442,051,135 in the last 90 days. 3.71% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Ronald Blue Trust Inc. purchased a new position in shares of Kinetik during the third quarter valued at $37,000. Virtu Financial LLC purchased a new position in Kinetik in the fourth quarter valued at about $223,000. Principal Financial Group Inc. purchased a new position in Kinetik in the third quarter valued at about $232,000. Arizona State Retirement System purchased a new position in Kinetik in the fourth quarter valued at about $240,000. Finally, SG Americas Securities LLC purchased a new position in Kinetik in the third quarter valued at about $245,000. Hedge funds and other institutional investors 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.