Kinetik (NASDAQ:KNTK) Receives New Coverage from Analysts at Barclays

Equities research analysts at Barclays initiated coverage on shares of Kinetik (NASDAQ:KNTK) in a note issued to investors on Monday, Marketbeat.com reports. The firm set an “equal weight” rating and a $40.00 price target on the stock. Barclays‘s target price would indicate a potential upside of 3.57% from the stock’s current price.

Several other brokerages also recently commented on KNTK. Royal Bank of Canada assumed coverage on shares of Kinetik in a report on Monday, March 25th. They issued an “outperform” rating and a $40.00 price target for the company. JPMorgan Chase & Co. raised their price target on shares of Kinetik from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $40.00.

Kinetik Stock Down 1.0 %

Shares of KNTK stock opened at $38.62 on Monday. The company has a 50 day moving average of $36.89 and a 200-day moving average of $35.25. Kinetik has a 12-month low of $26.32 and a 12-month high of $40.42. The firm has a market cap of $5.93 billion, a P/E ratio of 17.09, a PEG ratio of 2.37 and a beta of 2.80.

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

Insider Activity at Kinetik

In other Kinetik news, insider Jamie Welch bought 14,814 shares of Kinetik stock in a transaction on Monday, March 18th. The stock was acquired at an average cost of $33.75 per share, with a total value of $499,972.50. Following the completion of the acquisition, the insider now owns 3,599,225 shares in the company, valued at $121,473,843.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Kinetik news, insider Jamie Welch bought 14,814 shares of Kinetik stock in a transaction on Monday, March 18th. The stock was acquired at an average cost of $33.75 per share, with a total value of $499,972.50. Following the completion of the acquisition, the insider now owns 3,599,225 shares in the company, valued at $121,473,843.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Corp Apache sold 13,079,871 shares of the stock in a transaction on Monday, March 18th. The stock was 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. Insiders have sold a total of 13,095,803 shares of company stock worth $442,051,135 over the last quarter. Company insiders own 3.71% of the company’s stock.

Institutional Investors Weigh In On Kinetik

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

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.