Scotiabank Lowers Kinetik (NYSE:KNTK) Price Target to $45.00

Kinetik (NYSE:KNTK) had its target price lowered by investment analysts at Scotiabank from $51.00 to $45.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s target price suggests a potential upside of 29.91% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Mizuho set a $48.00 price objective on Kinetik in a research note on Wednesday, October 29th. Wolfe Research reiterated an “outperform” rating and issued a $42.00 price target on shares of Kinetik in a research report on Friday, November 7th. The Goldman Sachs Group set a $46.00 price target on shares of Kinetik in a research note on Tuesday, October 14th. Weiss Ratings restated a “hold (c)” rating on shares of Kinetik in a research note on Wednesday, October 8th. Finally, Barclays reduced their target price on shares of Kinetik from $43.00 to $40.00 and set an “equal weight” rating for the company in a report on Wednesday, October 8th. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.30.

Kinetik Price Performance

NYSE KNTK opened at $34.64 on Thursday. The company has a fifty day moving average of $39.43 and a two-hundred day moving average of $41.58. The company has a market capitalization of $5.60 billion, a PE ratio of 82.48, a P/E/G ratio of 1.79 and a beta of 3.07. Kinetik has a 1 year low of $32.70 and a 1 year high of $67.60.

Kinetik (NYSE:KNTK) last posted its earnings results on Wednesday, November 5th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.20). The firm had revenue of $463.97 million for the quarter, compared to analyst estimates of $604.57 million. Kinetik had a negative return on equity of 5.74% and a net margin of 6.70%.The firm’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.35 EPS.

Insider Transactions at Kinetik

In other news, insider Jamie Welch acquired 8,000 shares of the business’s stock in a transaction on Monday, November 10th. The stock was bought at an average price of $34.57 per share, for a total transaction of $276,560.00. Following the transaction, the insider owned 3,687,791 shares in the company, valued at $127,486,934.87. This represents a 0.22% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in KNTK. Russell Investments Group Ltd. lifted its holdings in shares of Kinetik by 14.3% in the 1st quarter. Russell Investments Group Ltd. now owns 50,309 shares of the company’s stock valued at $2,613,000 after buying an additional 6,292 shares during the period. Nuveen LLC acquired a new position in Kinetik during the first quarter worth $4,201,000. Northern Trust Corp raised its position in Kinetik by 11.4% in the first quarter. Northern Trust Corp now owns 436,174 shares of the company’s stock worth $22,655,000 after acquiring an additional 44,651 shares in the last quarter. Cetera Investment Advisers lifted its holdings in Kinetik by 147.8% in the first quarter. Cetera Investment Advisers now owns 13,183 shares of the company’s stock valued at $685,000 after acquiring an additional 7,862 shares during the period. Finally, Deutsche Bank AG lifted its holdings in Kinetik by 45.3% in the first quarter. Deutsche Bank AG now owns 405,882 shares of the company’s stock valued at $21,082,000 after acquiring an additional 126,603 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.