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

Kinetik (NASDAQ:KNTK) had its price objective hoisted by JPMorgan Chase & Co. from $63.00 to $65.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

KNTK has been the subject of a number of other research reports. Mizuho raised their price target on shares of Kinetik from $47.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Royal Bank of Canada raised their target price on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Scotiabank began coverage on shares of Kinetik in a research report on Friday, January 10th. They set a “sector outperform” rating and a $64.00 price target for the company. Citigroup lifted their target price on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, Wells Fargo & Company upped their price target on Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Kinetik presently has an average rating of “Moderate Buy” and a consensus target price of $59.50.

Kinetik Price Performance

KNTK opened at $62.29 on Wednesday. The company’s 50 day simple moving average is $58.11 and its two-hundred day simple moving average is $49.58. The firm has a market capitalization of $9.81 billion, a price-to-earnings ratio of 22.29, a price-to-earnings-growth ratio of 1.67 and a beta of 2.91. Kinetik has a 1-year low of $31.73 and a 1-year high of $63.34.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. boosted its holdings in shares of Kinetik by 2.0% in the fourth quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company’s stock valued at $515,000 after acquiring an additional 174 shares during the period. GAMMA Investing LLC increased its stake in Kinetik by 72.0% in the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after purchasing an additional 213 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Kinetik by 53.5% during the third quarter. JPMorgan Chase & Co. now owns 157,858 shares of the company’s stock worth $7,145,000 after buying an additional 55,050 shares during the period. Principal Financial Group Inc. purchased a new position in shares of Kinetik during the third quarter worth about $921,000. Finally, Geode Capital Management LLC raised its stake in Kinetik by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock valued at $39,742,000 after acquiring an additional 13,644 shares during the last quarter. Hedge funds and other 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.