Mizuho Raises Kinetik (NASDAQ:KNTK) Price Target to $55.00

Kinetik (NASDAQ:KNTK) had its price objective lifted by equities researchers at Mizuho from $47.00 to $55.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s price objective indicates a potential upside of 8.50% from the company’s current price.

A number of other equities research analysts also recently commented on the company. Scotiabank lifted their target price on Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a report on Tuesday, July 2nd. Barclays increased their target price on Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Finally, Royal Bank of Canada raised their target price on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Kinetik presently has an average rating of “Moderate Buy” and a consensus target price of $45.71.

Kinetik Price Performance

Shares of NASDAQ KNTK opened at $50.69 on Thursday. The stock has a market capitalization of $7.79 billion, a P/E ratio of 20.77, a PEG ratio of 2.60 and a beta of 2.91. The business’s 50 day moving average is $45.98 and its two-hundred day moving average is $42.45. Kinetik has a 1-year low of $31.73 and a 1-year high of $51.16.

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

Institutional Trading of Kinetik

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Beach Investment Counsel Inc. PA acquired a new position in shares of Kinetik in the second quarter valued at approximately $27,000. Ameritas Investment Partners Inc. lifted its position in Kinetik by 112.8% during the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock worth $145,000 after buying an additional 1,926 shares during the period. Blue Trust Inc. boosted its stake in Kinetik by 244.9% in the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after buying an additional 2,699 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in Kinetik by 270.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company’s stock valued at $159,000 after buying an additional 2,803 shares during the period. Finally, CWM LLC increased its stake in shares of Kinetik by 2,030.9% during the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after acquiring an additional 3,615 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

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.