Royal Bank of Canada Boosts Kinetik (NASDAQ:KNTK) Price Target to $52.00

Kinetik (NASDAQ:KNTK) had its price objective hoisted by Royal Bank of Canada from $46.00 to $52.00 in a report issued on Wednesday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other brokerages have also issued reports on KNTK. Barclays upped their price target on shares of Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Monday. Scotiabank upped their target price on Kinetik from $42.00 to $48.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 2nd. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $43.86.

Kinetik Trading Up 1.4 %

Shares of KNTK opened at $49.76 on Wednesday. Kinetik has a 12 month low of $31.73 and a 12 month high of $50.21. The stock has a fifty day moving average price of $45.05 and a 200-day moving average price of $42.08. The firm has a market cap of $7.65 billion, a PE ratio of 20.39, a P/E/G ratio of 2.60 and a beta of 2.91.

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

Institutional Trading of Kinetik

Several large investors have recently made changes to their positions in KNTK. American Financial Group Inc. raised its holdings in shares of Kinetik by 3.8% during the first quarter. American Financial Group Inc. now owns 13,500 shares of the company’s stock worth $538,000 after purchasing an additional 500 shares during the last quarter. Beach Investment Counsel Inc. PA acquired a new stake in Kinetik during the 2nd quarter worth about $27,000. SL Advisors LLC raised its stake in shares of Kinetik by 5.0% during the 3rd quarter. SL Advisors LLC now owns 21,927 shares of the company’s stock valued at $992,000 after buying an additional 1,037 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Kinetik by 3.8% in the 1st quarter. Commonwealth Equity Services LLC now owns 38,264 shares of the company’s stock valued at $1,526,000 after buying an additional 1,387 shares during the period. Finally, Ameritas Investment Partners Inc. boosted its stake in shares of Kinetik by 112.8% in 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 last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.