Kinetik (NYSE:KNTK) Given New $49.00 Price Target at Scotiabank

Kinetik (NYSE:KNTK) had its price objective raised by equities researchers at Scotiabank from $48.00 to $49.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 7.98% from the company’s previous close.

Several other research analysts have also commented on the stock. Raymond James Financial set a $46.00 price objective on shares of Kinetik in a report on Monday, January 5th. Wall Street Zen upgraded shares of Kinetik from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Citigroup lifted their price objective on Kinetik from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Monday. Barclays increased their target price on Kinetik from $40.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Royal Bank Of Canada dropped their price target on Kinetik from $52.00 to $46.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 19th. Six research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $45.55.

Kinetik Stock Down 0.5%

Shares of Kinetik stock traded down $0.22 during trading on Thursday, reaching $45.38. 529,048 shares of the stock were exchanged, compared to its average volume of 1,470,248. The firm has a market cap of $7.33 billion, a price-to-earnings ratio of 17.66, a price-to-earnings-growth ratio of 1.13 and a beta of 0.70. Kinetik has a 1 year low of $31.33 and a 1 year high of $54.94. The stock’s fifty day moving average is $40.22 and its 200 day moving average is $38.98.

Kinetik (NYSE:KNTK) last released its quarterly earnings data on Thursday, February 26th. The company reported $2.16 earnings per share for the quarter, topping the consensus estimate of $0.15 by $2.01. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The business had revenue of $430.42 million during the quarter. During the same quarter last year, the business posted $0.01 EPS. The company’s quarterly revenue was up 11.5% compared to the same quarter last year.

Insiders Place Their Bets

In related news, insider Matthew Wall sold 8,083 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $36.05, for a total transaction of $291,392.15. Following the sale, the insider directly owned 554,738 shares of the company’s stock, valued at $19,998,304.90. This trade represents a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the business’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $44.85, for a total value of $179,400,000.00. Following the completion of the transaction, the insider directly owned 1 shares of the company’s stock, valued at approximately $44.85. This trade represents a 100.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 3.83% of the stock is currently owned by company insiders.

Institutional Trading of Kinetik

Large investors have recently made changes to their positions in the stock. Comerica Bank grew its stake in shares of Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after purchasing an additional 732 shares during the period. AQR Capital Management LLC lifted its stake in shares of Kinetik by 4.2% in the 1st quarter. AQR Capital Management LLC now owns 12,900 shares of the company’s stock worth $670,000 after purchasing an additional 522 shares during the period. Millennium Management LLC boosted its holdings in shares of Kinetik by 88.7% in the first quarter. Millennium Management LLC now owns 132,533 shares of the company’s stock worth $6,884,000 after buying an additional 62,306 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Kinetik by 27.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,532 shares of the company’s stock valued at $4,131,000 after buying an additional 17,034 shares during the period. Finally, Intech Investment Management LLC grew its position in Kinetik by 14.3% during the first quarter. Intech Investment Management LLC now owns 22,114 shares of the company’s stock valued at $1,149,000 after buying an additional 2,766 shares during the period. 21.11% of the stock is currently owned by institutional investors.

About Kinetik

Kinetik (NYSE: KNTK) is a publicly listed midstream energy company focused on the development, operation and management of natural gas infrastructure across the United States. The company’s core business activities include the gathering, compression, processing, storage and transportation of natural gas, serving producers, utilities and industrial consumers. By integrating a suite of midstream services under a single platform, Kinetik aims to provide efficient, cost-effective and reliable solutions across the natural gas value chain.

The company was established in 2021 when assets were acquired from Talen Energy by a subsidiary of ArcLight Capital Partners, forming a comprehensive portfolio of pipelines, compression facilities and underground storage assets.