Mizuho Boosts Kinetik (NASDAQ:KNTK) Price Target to $42.00

Kinetik (NASDAQ:KNTK) had its target price raised by research analysts at Mizuho from $39.00 to $42.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Mizuho’s price objective suggests a potential upside of 7.72% from the company’s current price.

A number of other equities research analysts have also weighed in on the company. Royal Bank of Canada began coverage on Kinetik in a research report on Monday, March 25th. They issued an “outperform” rating and a $40.00 price objective on the stock. JPMorgan Chase & Co. increased their price target on shares of Kinetik from $40.00 to $43.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Finally, Barclays began coverage on Kinetik in a research report on Monday. They issued an “equal weight” rating and a $40.00 target price for the company. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $40.00.

Kinetik Price Performance

KNTK opened at $38.99 on Tuesday. The stock’s 50 day simple moving average is $36.76 and its 200 day simple moving average is $35.21. The firm has a market cap of $5.99 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 2.37 and a beta of 2.80. Kinetik has a 1 year low of $26.32 and a 1 year high of $40.42.

Kinetik (NASDAQ:KNTK) last issued its earnings results on Wednesday, February 28th. The company reported $1.70 EPS for the quarter, topping the consensus estimate of $0.46 by $1.24. Kinetik had a net margin of 28.57% and a negative return on equity of 49.32%. The company had revenue of $348.87 million for the quarter, compared to the consensus estimate of $301.49 million. During the same period in the previous year, the firm earned $0.25 earnings per share. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Kinetik will post 2 EPS for the current year.

Insider Activity at Kinetik

In other Kinetik news, major shareholder Corp Apache sold 13,079,871 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $33.75, for a total transaction of $441,445,646.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Kinetik news, insider Anne Psencik sold 3,182 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $35.57, for a total value of $113,183.74. Following the transaction, the insider now directly owns 247,128 shares of the company’s stock, valued at $8,790,342.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Corp Apache sold 13,079,871 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $33.75, for a total transaction of $441,445,646.25. The disclosure for this sale can be found here. Insiders have sold 13,095,803 shares of company stock valued at $442,051,135 over the last ninety days. Insiders own 3.71% of the company’s stock.

Institutional Trading of Kinetik

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blackstone Inc. raised its holdings in Kinetik by 15.9% in the 4th quarter. Blackstone Inc. now owns 10,470,501 shares of the company’s stock worth $349,715,000 after purchasing an additional 1,433,616 shares during the period. Westwood Holdings Group Inc. purchased a new stake in Kinetik in the 4th quarter worth approximately $31,589,000. Chickasaw Capital Management LLC raised its stake in Kinetik by 217.0% during the 4th quarter. Chickasaw Capital Management LLC now owns 722,326 shares of the company’s stock worth $24,126,000 after acquiring an additional 494,453 shares during the period. Cohen & Steers Inc. lifted its holdings in Kinetik by 97.5% during the fourth quarter. Cohen & Steers Inc. now owns 762,940 shares of the company’s stock valued at $25,482,000 after purchasing an additional 376,732 shares in the last quarter. Finally, Ghisallo Capital Management LLC purchased a new stake in shares of Kinetik in the fourth quarter worth $7,181,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.