Kinetik (NASDAQ:KNTK) Given New $65.00 Price Target at JPMorgan Chase & Co.

Kinetik (NASDAQ:KNTK) had its price target increased by analysts at JPMorgan Chase & Co. from $63.00 to $65.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 5.23% from the stock’s current price.

KNTK has been the topic of a number of other research reports. Scotiabank began coverage on shares of Kinetik in a report on Friday, January 10th. They issued a “sector outperform” rating and a $64.00 price objective on the stock. Royal Bank of Canada boosted their price target on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Barclays raised their price objective on Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a research note on Monday. Mizuho lifted their price objective on Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Citigroup increased their target price on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Kinetik currently has an average rating of “Moderate Buy” and an average target price of $59.50.

Kinetik Stock Performance

Shares of NASDAQ:KNTK opened at $61.77 on Wednesday. The business’s 50-day simple moving average is $57.91 and its 200 day simple moving average is $49.49. The company has a market cap of $9.73 billion, a P/E ratio of 22.79, a PEG ratio of 2.85 and a beta of 2.91. Kinetik has a one year low of $31.73 and a one year high of $62.55.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.10). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The firm had revenue of $396.40 million for the quarter, compared to analysts’ expectations of $331.21 million. During the same quarter in the prior year, the business earned $0.21 EPS. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. Analysts predict 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 KNTK. GAMMA Investing LLC raised its holdings in shares of Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after purchasing an additional 213 shares during the period. Ashton Thomas Securities LLC bought a new stake in shares of Kinetik during the 3rd quarter valued at about $46,000. Blue Trust Inc. raised its stake in Kinetik by 244.9% during the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after acquiring an additional 2,699 shares during the period. CWM LLC lifted its holdings in 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 acquiring an additional 3,615 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new position in Kinetik in the second quarter valued at approximately $187,000. 21.11% of the stock is currently owned by 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.