JPMorgan Chase & Co. Increases Kinetik (NASDAQ:KNTK) Price Target to $43.00

Kinetik (NASDAQ:KNTK) had its price objective increased by equities researchers at JPMorgan Chase & Co. from $40.00 to $43.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 11.63% from the stock’s current price.

KNTK has been the topic of several other reports. Royal Bank of Canada assumed coverage on shares of Kinetik in a research report on Monday, March 25th. They set an “outperform” rating and a $40.00 target price on the stock. Citigroup reiterated a “neutral” rating and set a $35.00 target price on shares of Kinetik in a research report on Tuesday, December 19th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $39.67.

Kinetik Stock Performance

Shares of Kinetik stock traded up $0.04 during midday trading on Wednesday, hitting $38.52. 486,323 shares of the company traded hands, compared to its average volume of 570,693. The stock has a market cap of $5.92 billion, a price-to-earnings ratio of 17.01, a PEG ratio of 2.59 and a beta of 2.80. The firm’s fifty day moving average price is $36.28 and its 200-day moving average price is $35.03. Kinetik has a 12 month low of $26.32 and a 12 month high of $40.42.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $1.24. The company had revenue of $348.87 million for the quarter, compared to analyst estimates of $301.49 million. Kinetik had a net margin of 28.57% and a negative return on equity of 49.32%. The firm’s revenue was up 18.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.25 EPS. Equities research analysts forecast that Kinetik will post 2.02 earnings per share for the current year.

Insider Transactions at Kinetik

In other news, insider Anne Psencik sold 3,182 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $35.57, for a total value of $113,183.74. Following the transaction, the insider now owns 247,128 shares in the company, valued at approximately $8,790,342.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Anne Psencik sold 3,182 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $35.57, for a total transaction of $113,183.74. Following the transaction, the insider now owns 247,128 shares in the company, valued at approximately $8,790,342.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Trevor Howard sold 7,000 shares of the business’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $37.62, for a total transaction of $263,340.00. Following the transaction, the insider now owns 198,411 shares in the company, valued at approximately $7,464,221.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,095,803 shares of company stock worth $442,051,135. Company insiders own 3.62% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Miller Howard Investments Inc. NY bought a new stake in Kinetik during the 1st quarter valued at $2,927,000. Vanguard Group Inc. increased its stake in Kinetik by 28.2% during the 4th quarter. Vanguard Group Inc. now owns 2,180,143 shares of the company’s stock valued at $72,817,000 after purchasing an additional 479,325 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Kinetik by 5.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 83,212 shares of the company’s stock valued at $2,779,000 after purchasing an additional 4,461 shares in the last quarter. American International Group Inc. increased its stake in Kinetik by 5.5% during the 4th quarter. American International Group Inc. now owns 9,050 shares of the company’s stock valued at $302,000 after purchasing an additional 474 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in Kinetik during the 4th quarter valued at $223,000. Institutional investors and hedge funds 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.