The Goldman Sachs Group Issues Positive Forecast for Kinetik (NASDAQ:KNTK) Stock Price

Kinetik (NASDAQ:KNTK) had its price objective hoisted by analysts at The Goldman Sachs Group from $46.00 to $61.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 11.89% from the company’s previous close.

A number of other equities analysts have also commented on the company. Barclays lifted their price objective on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Wells Fargo & Company upped their price objective on shares of Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a research note on Wednesday. Mizuho boosted their target price on shares of 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 lifted their price objective on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Citigroup upped their target price on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Kinetik Price Performance

NASDAQ KNTK traded down $0.12 during trading hours on Thursday, reaching $54.52. The company’s stock had a trading volume of 207,214 shares, compared to its average volume of 517,661. The firm has a fifty day simple moving average of $54.61 and a 200-day simple moving average of $47.04. Kinetik has a 52 week low of $31.73 and a 52 week high of $62.55. The stock has a market cap of $8.59 billion, a P/E ratio of 20.12, a P/E/G ratio of 2.83 and a beta of 2.95.

Kinetik (NASDAQ:KNTK) last issued 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 analyst estimates of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. Kinetik’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.21 EPS. On average, research analysts expect that Kinetik will post 1.35 earnings per share for the current year.

Hedge Funds Weigh In On Kinetik

Several large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its position in Kinetik by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock valued at $39,742,000 after buying an additional 13,644 shares during the last quarter. Merewether Investment Management LP grew its holdings 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 valued at $29,976,000 after acquiring an additional 239,500 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Kinetik by 88.3% during the second quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock valued at $26,271,000 after acquiring an additional 297,200 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings 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 acquiring an additional 20,644 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Kinetik by 70.3% in the second quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company’s stock worth $18,927,000 after purchasing an additional 188,533 shares during the last quarter. 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.