Wells Fargo & Company Issues Positive Forecast for Kinetik (NASDAQ:KNTK) Stock Price

Kinetik (NASDAQ:KNTK) had its price target raised by stock analysts at Wells Fargo & Company from $58.00 to $60.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 9.95% from the company’s previous close.

KNTK has been the topic of a number of other research reports. Mizuho raised their target price on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a 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 note on Wednesday, October 16th. Citigroup boosted their target price on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, Barclays increased their target price on shares of Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Kinetik Stock Down 0.1 %

KNTK opened at $54.57 on Wednesday. The stock has a market capitalization of $8.60 billion, a price-to-earnings ratio of 20.14, a P/E/G ratio of 2.83 and a beta of 2.95. Kinetik has a twelve month low of $31.73 and a twelve month high of $62.55. The company has a 50-day simple moving average of $54.73 and a 200 day simple moving average of $47.09.

Kinetik (NASDAQ:KNTK) last issued its earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.10). The firm had revenue of $396.40 million during the quarter, compared to analyst estimates of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. Kinetik’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.21 earnings per share. Sell-side analysts anticipate that Kinetik will post 1.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Ashton Thomas Securities LLC acquired a new position in Kinetik in the 3rd quarter valued at approximately $46,000. CWM LLC grew its stake in shares of Kinetik by 2,030.9% in the third quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after purchasing an additional 3,615 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Kinetik by 244.9% in the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after purchasing an additional 2,699 shares during the last quarter. Covestor Ltd increased its holdings in Kinetik by 13,790.0% in the third quarter. Covestor Ltd now owns 4,167 shares of the company’s stock valued at $189,000 after purchasing an additional 4,137 shares during the period. Finally, Stifel Financial Corp bought a new position in Kinetik during the 3rd quarter worth $202,000. 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.