Royal Bank Of Canada Issues Pessimistic Forecast for Kinetik (NYSE:KNTK) Stock Price

Kinetik (NYSE:KNTK) had its price target decreased by research analysts at Royal Bank Of Canada from $52.00 to $46.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target points to a potential upside of 40.50% from the stock’s current price.

KNTK has been the subject of a number of other research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a report on Wednesday, October 8th. Wall Street Zen cut shares of Kinetik from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Mizuho set a $48.00 price target on shares of Kinetik in a report on Wednesday, October 29th. The Goldman Sachs Group reduced their price objective on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a research report on Monday. Finally, Barclays decreased their price objective on shares of Kinetik from $43.00 to $40.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.80.

Kinetik Stock Performance

Shares of KNTK traded down $0.43 during trading hours on Wednesday, hitting $32.74. The stock had a trading volume of 162,772 shares, compared to its average volume of 1,126,412. The firm has a 50-day moving average price of $39.08 and a 200 day moving average price of $41.45. Kinetik has a fifty-two week low of $32.34 and a fifty-two week high of $67.60. The firm has a market capitalization of $5.29 billion, a price-to-earnings ratio of 77.95, a PEG ratio of 1.79 and a beta of 3.07.

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

Insider Buying and Selling

In other Kinetik news, insider Jamie Welch bought 8,000 shares of the company’s stock in a transaction dated Monday, November 10th. The stock was acquired at an average price of $34.57 per share, with a total value of $276,560.00. Following the completion of the acquisition, the insider directly owned 3,687,791 shares of the company’s stock, valued at $127,486,934.87. This represents a 0.22% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.83% of the company’s stock.

Institutional Trading of Kinetik

A number of hedge funds and other institutional investors have recently modified their holdings of KNTK. Advisory Services Network LLC acquired a new stake in shares of Kinetik during the 3rd quarter worth approximately $55,000. NewEdge Advisors LLC lifted its holdings in Kinetik by 287.8% in the third quarter. NewEdge Advisors LLC now owns 42,961 shares of the company’s stock valued at $1,836,000 after acquiring an additional 31,883 shares during the last quarter. BlueCrest Capital Management Ltd purchased a new position in Kinetik in the third quarter worth approximately $513,000. Brave Warrior Advisors LLC acquired a new stake in Kinetik during the third quarter worth $68,766,000. Finally, Crawford Investment Counsel Inc. increased its stake in Kinetik by 10.2% during the third quarter. Crawford Investment Counsel Inc. now owns 309,175 shares of the company’s stock worth $13,214,000 after acquiring an additional 28,648 shares during the last quarter. 21.11% of the stock is 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.