The Goldman Sachs Group Forecasts Strong Price Appreciation for Kinetik (NASDAQ:KNTK) Stock

Kinetik (NASDAQ:KNTK) had its target price hoisted by investment analysts at The Goldman Sachs Group from $46.00 to $61.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 11.89% from the stock’s previous close.

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

Kinetik Stock Performance

NASDAQ KNTK traded down $0.12 on Thursday, hitting $54.52. 207,214 shares of the stock traded hands, compared to its average volume of 517,661. Kinetik has a 12 month low of $31.73 and a 12 month high of $62.55. The business’s fifty day moving average is $54.61 and its two-hundred day moving average is $47.04. The firm has a market capitalization of $8.59 billion, a price-to-earnings ratio of 20.12, a PEG ratio of 2.83 and a beta of 2.95.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.10). The business had revenue of $396.40 million for the quarter, compared to analysts’ expectations of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. Kinetik’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period last year, the company earned $0.21 earnings per share. Analysts expect that Kinetik will post 1.35 EPS for the current fiscal year.

Institutional Trading of Kinetik

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Ashton Thomas Securities LLC bought a new position in Kinetik during the 3rd quarter worth approximately $46,000. CWM LLC boosted its stake in shares of Kinetik by 2,030.9% during the third quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after purchasing an additional 3,615 shares during the period. Blue Trust Inc. increased 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 buying an additional 2,699 shares during the period. Covestor Ltd raised its holdings in Kinetik by 13,790.0% during the 3rd quarter. Covestor Ltd now owns 4,167 shares of the company’s stock valued at $189,000 after buying an additional 4,137 shares during the last quarter. Finally, Stifel Financial Corp purchased a new stake in Kinetik during the 3rd quarter valued at $202,000. 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.