Kinetik (NASDAQ:KNTK) Given New $52.00 Price Target at Royal Bank of Canada

Kinetik (NASDAQ:KNTK - Get Free Report) had its target price increased by analysts at Royal Bank of Canada from $46.00 to $52.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank of Canada's price target would indicate a potential upside of 4.50% from the company's previous close.

Several other equities research analysts have also commented on the stock. Barclays lifted their price target on shares of Kinetik from $43.00 to $47.00 and gave the stock an "equal weight" rating in a research note on Monday. Scotiabank raised their price objective on shares of Kinetik from $42.00 to $48.00 and gave the stock a "sector outperform" rating in a research report on Tuesday, July 2nd. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $43.86.

Kinetik Trading Up 1.4 %

NASDAQ:KNTK traded up $0.69 during midday trading on Wednesday, hitting $49.76. 653,204 shares of the company were exchanged, compared to its average volume of 513,454. The company has a fifty day simple moving average of $45.05 and a 200 day simple moving average of $42.08. Kinetik has a fifty-two week low of $31.73 and a fifty-two week high of $50.21. The company has a market capitalization of $7.65 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 2.60 and a beta of 2.91.

Kinetik (NASDAQ:KNTK - Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.43 by $0.11. Kinetik had a net margin of 30.96% and a negative return on equity of 48.16%. The firm had revenue of $359.50 million for the quarter, compared to analyst estimates of $305.94 million. During the same period last year, the business earned $0.41 EPS. Kinetik's revenue for the quarter was up 21.4% compared to the same quarter last year. As a group, equities research analysts expect that Kinetik will post 1.39 EPS for the current year.

Institutional Trading of Kinetik

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Blackstone Inc. boosted its holdings in shares of Kinetik by 13.8% in the first quarter. Blackstone Inc. now owns 11,913,154 shares of the company's stock valued at $474,977,000 after acquiring an additional 1,442,653 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Kinetik by 52.0% in the first quarter. Vanguard Group Inc. now owns 3,314,713 shares of the company's stock valued at $132,158,000 after acquiring an additional 1,134,570 shares in the last quarter. Westwood Holdings Group Inc. boosted its holdings in shares of Kinetik by 148.3% in the first quarter. Westwood Holdings Group Inc. now owns 2,348,540 shares of the company's stock valued at $93,636,000 after acquiring an additional 1,402,751 shares in the last quarter. Kayne Anderson Capital Advisors LP boosted its holdings in shares of Kinetik by 1,992.8% in the first quarter. Kayne Anderson Capital Advisors LP now owns 1,164,974 shares of the company's stock valued at $46,448,000 after acquiring an additional 1,109,308 shares in the last quarter. Finally, Yaupon Capital Management LP purchased a new stake in shares of Kinetik in the first quarter valued at about $30,867,000. Hedge funds and other institutional investors own 21.11% of the company's stock.

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.