Mizuho Increases Kinetik (NASDAQ:KNTK) Price Target to $42.00

Kinetik (NASDAQ:KNTK) had its target price increased by Mizuho from $39.00 to $42.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Mizuho’s target price would suggest a potential upside of 7.28% from the company’s previous close.

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

Kinetik Price Performance

Shares of KNTK opened at $39.15 on Tuesday. Kinetik has a 1-year low of $26.32 and a 1-year high of $40.42. The company has a 50-day moving average of $36.89 and a 200 day moving average of $35.25. The firm has a market capitalization of $6.02 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 2.38 and a beta of 2.80.

Kinetik (NASDAQ:KNTK) last posted its earnings results on Wednesday, February 28th. The company reported $1.70 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $1.24. The business had revenue of $348.87 million for the quarter, compared to the consensus estimate of $301.49 million. Kinetik had a net margin of 28.57% and a negative return on equity of 49.32%. The company’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.25 EPS. On average, equities analysts anticipate that Kinetik will post 2 earnings per share for the current fiscal year.

Insider Buying and Selling at Kinetik

In other Kinetik news, insider Anne Psencik sold 3,182 shares of Kinetik stock in a transaction that occurred on Monday, March 11th. The shares were 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 directly owns 247,128 shares in the company, valued at approximately $8,790,342.96. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Kinetik news, insider Anne Psencik sold 3,182 shares of Kinetik stock in a transaction that occurred on Monday, March 11th. The shares were 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 directly owns 247,128 shares in the company, valued at approximately $8,790,342.96. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Corp Apache sold 13,079,871 shares of Kinetik stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $33.75, for a total transaction of $441,445,646.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,095,803 shares of company stock worth $442,051,135. Company insiders own 3.71% of the company’s stock.

Hedge Funds Weigh In On Kinetik

Large investors have recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. raised its position in Kinetik by 1.6% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 63,335 shares of the company’s stock worth $2,525,000 after acquiring an additional 1,000 shares during the period. Ronald Blue Trust Inc. acquired a new position in Kinetik during the third quarter worth $37,000. Deutsche Bank AG raised its position in Kinetik by 5.4% during the third quarter. Deutsche Bank AG now owns 22,401 shares of the company’s stock worth $756,000 after acquiring an additional 1,149 shares during the period. Pacer Advisors Inc. raised its position in Kinetik by 5.6% during the fourth quarter. Pacer Advisors Inc. now owns 23,689 shares of the company’s stock worth $791,000 after acquiring an additional 1,260 shares during the period. Finally, SG Americas Securities LLC raised its position in Kinetik by 19.1% during the fourth quarter. SG Americas Securities LLC now owns 8,638 shares of the company’s stock worth $289,000 after acquiring an additional 1,383 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

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.