Barclays Issues Positive Forecast for Kinetik (NASDAQ:KNTK) Stock Price

Kinetik (NASDAQ:KNTK - Get Free Report) had its price objective raised by equities researchers at Barclays from $57.00 to $58.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Barclays's price objective indicates a potential upside of 32.63% from the company's previous close.

Other analysts have also issued reports about the stock. US Capital Advisors upgraded shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. 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 report on Thursday, December 19th. Royal Bank of Canada dropped their price target on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Wells Fargo & Company reduced their price objective on Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Friday, February 28th. Finally, JPMorgan Chase & Co. boosted their target price on Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 15th. Three investment 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, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $59.75.

Kinetik Price Performance

Shares of NASDAQ:KNTK traded up $0.41 during midday trading on Wednesday, reaching $43.73. 733,604 shares of the company's stock were exchanged, compared to its average volume of 606,887. The firm's 50 day simple moving average is $51.99 and its two-hundred day simple moving average is $55.25. Kinetik has a fifty-two week low of $37.65 and a fifty-two week high of $67.60. The stock has a market cap of $6.90 billion, a price-to-earnings ratio of 16.14, a P/E/G ratio of 1.52 and a beta of 2.68.

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of the transaction, the insider now directly owns 657,583 shares of the company's stock, valued at $34,628,320.78. This trade represents a 61.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 3.71% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of KNTK. Fifth Third Bancorp acquired a new position in shares of Kinetik during the 4th quarter valued at about $26,000. Canton Hathaway LLC purchased a new position in Kinetik during the fourth quarter worth approximately $28,000. GAMMA Investing LLC boosted its holdings in shares of Kinetik by 72.0% in the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company's stock valued at $29,000 after purchasing an additional 213 shares during the last quarter. Rialto Wealth Management LLC purchased a new stake in shares of Kinetik during the 4th quarter valued at $34,000. Finally, Comerica Bank grew its stake in shares of Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after buying an additional 195 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

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.