Wells Fargo & Company Boosts Kinetik (NASDAQ:KNTK) Price Target to $60.00

Kinetik (NASDAQ:KNTK) had its price target boosted by Wells Fargo & Company from $58.00 to $60.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 7.14% from the stock’s previous close.

Several other equities analysts have also recently commented on KNTK. Mizuho raised their target price on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Royal Bank of Canada upped their price objective on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Citigroup raised their target price on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research note on Monday. Finally, Barclays boosted their price target on shares of Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.86.

Kinetik Stock Down 0.3 %

KNTK stock opened at $56.00 on Wednesday. The firm’s 50-day simple moving average is $54.34 and its 200 day simple moving average is $46.88. The stock has a market cap of $8.82 billion, a PE ratio of 20.73, a price-to-earnings-growth ratio of 2.83 and a beta of 2.95. Kinetik has a fifty-two week low of $31.73 and a fifty-two week high of $62.55.

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

Institutional Investors Weigh In On Kinetik

A number of large investors have recently made changes to their positions in KNTK. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Kinetik by 14.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,867 shares of the company’s stock worth $356,000 after purchasing an additional 983 shares in the last quarter. Ashton Thomas Securities LLC acquired a new position in Kinetik in the 3rd quarter valued at approximately $46,000. SL Advisors LLC lifted its position in Kinetik by 5.0% in the 3rd quarter. SL Advisors LLC now owns 21,927 shares of the company’s stock worth $992,000 after buying an additional 1,037 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Kinetik by 19.6% during the 2nd quarter. Van ECK Associates Corp now owns 14,143 shares of the company’s stock valued at $586,000 after buying an additional 2,318 shares during the period. Finally, SG Americas Securities LLC grew its holdings in shares of Kinetik by 71.9% during the 3rd quarter. SG Americas Securities LLC now owns 5,678 shares of the company’s stock valued at $257,000 after acquiring an additional 2,375 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.