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

Kinetik (NASDAQ:KNTK - Get Free Report) had its target price upped by stock analysts at Wells Fargo & Company from $58.00 to $60.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's price target would suggest a potential upside of 9.81% from the stock's current price.

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

Kinetik Trading Down 2.7 %

Shares of KNTK traded down $1.53 during midday trading on Wednesday, reaching $54.64. The stock had a trading volume of 801,531 shares, compared to its average volume of 519,044. The firm has a market cap of $8.61 billion, a PE ratio of 20.16, a P/E/G ratio of 2.83 and a beta of 2.95. The firm has a 50 day simple moving average of $54.61 and a 200-day simple moving average of $47.04. Kinetik has a one year low of $31.73 and a one year high of $62.55.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.45 by ($0.10). The business had revenue of $396.40 million for 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 company's revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.21 EPS. As a group, research analysts forecast that Kinetik will post 1.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC increased its stake in Kinetik by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company's stock worth $39,742,000 after acquiring an additional 13,644 shares during the period. Merewether Investment Management LP increased its position in shares of Kinetik by 56.6% in the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company's stock worth $29,976,000 after purchasing an additional 239,500 shares during the period. Renaissance Technologies LLC raised its stake in 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 purchasing an additional 297,200 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Kinetik by 4.7% during the second quarter. Bank of New York Mellon Corp now owns 457,578 shares of the company's stock worth $18,962,000 after purchasing an additional 20,644 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Kinetik by 70.3% during the second quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company's stock worth $18,927,000 after buying an additional 188,533 shares in the last quarter. 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.