Kinetik (NASDAQ:KNTK) Sets New 12-Month High on Analyst Upgrade

Kinetik Holdings Inc. (NASDAQ:KNTK)’s stock price reached a new 52-week high on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $63.00 to $65.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Kinetik traded as high as $63.34 and last traded at $62.66, with a volume of 18946 shares changing hands. The stock had previously closed at $61.92.

A number of other research firms have also recently weighed in on KNTK. Citigroup upped their price objective on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Royal Bank of Canada lifted their price target on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group upped their price objective on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Barclays lifted their target price on Kinetik from $47.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, Scotiabank initiated coverage on Kinetik in a report on Friday, January 10th. They issued a “sector outperform” rating and a $64.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Kinetik has a consensus rating of “Moderate Buy” and a consensus price target of $59.50.

Institutional Trading of Kinetik

Several institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its holdings in shares of Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after acquiring an additional 213 shares during the period. Ashton Thomas Securities LLC acquired a new position in shares of Kinetik during the third quarter valued at $46,000. Blue Trust Inc. boosted its holdings in shares of Kinetik by 244.9% during the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after acquiring an additional 2,699 shares during the period. CWM LLC boosted its holdings in shares of Kinetik by 2,030.9% during the third quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after acquiring an additional 3,615 shares during the period. Finally, Point72 DIFC Ltd acquired a new position in shares of Kinetik during the second quarter valued at $187,000. Institutional investors own 21.11% of the company’s stock.

Kinetik Price Performance

The company has a market cap of $9.81 billion, a price-to-earnings ratio of 22.99, a P/E/G ratio of 2.85 and a beta of 2.91. The firm’s fifty day moving average price is $57.91 and its 200-day moving average price is $49.49.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.10). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The firm had revenue of $396.40 million for the quarter, compared to analyst estimates of $331.21 million. During the same period last year, the firm posted $0.21 EPS. The business’s revenue was up 20.0% compared to the same quarter last year. As a group, equities analysts forecast that Kinetik Holdings Inc. will post 1.35 earnings per share for the current fiscal year.

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.