JPMorgan Chase & Co. Increases Kinetik (NASDAQ:KNTK) Price Target to $65.00

Kinetik (NASDAQ:KNTK - Get Free Report) had its price objective increased by analysts at JPMorgan Chase & Co. from $63.00 to $65.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 4.35% from the company's previous close.

KNTK has been the subject of several other research reports. Royal Bank of Canada raised their target price on Kinetik from $46.00 to $52.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 16th. Scotiabank assumed coverage on shares of Kinetik in a research report on Friday, January 10th. They set a "sector outperform" rating and a $64.00 target price on the stock. The Goldman Sachs Group increased their target price on shares of Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. Wells Fargo & Company upped their price objective on shares of Kinetik from $58.00 to $60.00 and gave the company an "equal weight" rating in a report on Wednesday, December 18th. Finally, Barclays raised their target price on Kinetik from $47.00 to $61.00 and gave the company an "equal weight" rating in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Kinetik currently has an average rating of "Moderate Buy" and an average price target of $59.50.

Kinetik Stock Performance

Shares of KNTK traded up $0.37 during mid-day trading on Wednesday, reaching $62.29. 499,574 shares of the company were exchanged, compared to its average volume of 486,934. The business has a 50 day simple moving average of $57.91 and a two-hundred day simple moving average of $49.49. Kinetik has a 52 week low of $31.73 and a 52 week high of $63.34. The stock has a market capitalization of $9.81 billion, a PE ratio of 22.99, a PEG ratio of 2.85 and a beta of 2.91.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted 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). The firm had revenue of $396.40 million during the quarter, compared to the consensus estimate of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The company's revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.21 earnings per share. On average, analysts predict that Kinetik will post 1.35 EPS for the current year.

Institutional Trading of Kinetik

Institutional investors have recently made changes to their positions in the company. HITE Hedge Asset Management LLC bought a new stake in Kinetik in the 2nd quarter worth about $13,550,000. Renaissance Technologies LLC grew its holdings in shares of Kinetik by 88.3% in the second quarter. Renaissance Technologies LLC now owns 633,962 shares of the company's stock valued at $26,271,000 after acquiring an additional 297,200 shares in the last quarter. Merewether Investment Management LP increased its position in shares of Kinetik by 56.6% during the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company's stock valued at $29,976,000 after acquiring an additional 239,500 shares during the last quarter. Gilman Hill Asset Management LLC increased its position in shares of Kinetik by 551.6% during the third quarter. Gilman Hill Asset Management LLC now owns 244,524 shares of the company's stock valued at $11,067,000 after acquiring an additional 206,999 shares during the last quarter. Finally, Marshall Wace LLP lifted its holdings in Kinetik by 196.0% during the second quarter. Marshall Wace LLP now owns 302,892 shares of the company's stock worth $12,552,000 after acquiring an additional 200,572 shares during the period. Institutional investors 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.