The Goldman Sachs Group Forecasts Strong Price Appreciation for Kinetik (NASDAQ:KNTK) Stock

Kinetik (NASDAQ:KNTK) had its price objective upped by investment analysts at The Goldman Sachs Group from $46.00 to $61.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective indicates a potential upside of 5.61% from the company’s current price.

Other equities analysts have also recently issued research reports about the stock. Mizuho raised their target price on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Barclays boosted their price objective on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Royal Bank of Canada increased their target price on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Citigroup boosted their price target on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, Wells Fargo & Company increased their price objective on shares of Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a report on Wednesday. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Kinetik has an average rating of “Moderate Buy” and an average target price of $53.00.

Kinetik Trading Up 5.8 %

Shares of KNTK opened at $57.76 on Thursday. The firm has a market cap of $9.10 billion, a price-to-earnings ratio of 21.31, a PEG ratio of 2.83 and a beta of 2.95. Kinetik has a 52 week low of $31.73 and a 52 week high of $62.55. The stock has a 50 day moving average of $54.73 and a 200-day moving average of $47.09.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The business had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. During the same period in the prior year, the firm earned $0.21 EPS. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. On average, sell-side analysts predict that Kinetik will post 1.35 earnings per share for the current fiscal year.

Institutional Trading of Kinetik

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James & Associates increased its stake in shares of Kinetik by 19.5% during the second quarter. Raymond James & Associates now owns 62,177 shares of the company’s stock valued at $2,577,000 after acquiring an additional 10,159 shares during the period. Catalyst Capital Advisors LLC raised its stake in shares of Kinetik by 7.4% in the 2nd quarter. Catalyst Capital Advisors LLC now owns 238,002 shares of the company’s stock worth $9,863,000 after buying an additional 16,409 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Kinetik by 4.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 457,578 shares of the company’s stock worth $18,962,000 after buying an additional 20,644 shares in the last quarter. Miller Howard Investments Inc. NY raised its stake in shares of Kinetik by 108.9% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 153,380 shares of the company’s stock worth $6,356,000 after buying an additional 79,962 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Kinetik by 45.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,884 shares of the company’s stock valued at $285,000 after buying an additional 2,158 shares during the period. 21.11% of the stock is currently owned by institutional investors.

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.