Scotiabank Lowers Kinetik (NASDAQ:KNTK) Price Target to $54.00

Kinetik (NASDAQ:KNTK) had its price objective dropped by research analysts at Scotiabank from $57.00 to $54.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s target price points to a potential upside of 24.65% from the stock’s previous close.

A number of other equities analysts have also commented on KNTK. US Capital Advisors raised Kinetik from a “hold” rating to a “moderate buy” rating in a research note on Monday, April 7th. Barclays raised their price target on shares of Kinetik from $57.00 to $58.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 16th. JPMorgan Chase & Co. raised their price target on shares of Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 15th. Royal Bank of Canada lowered their price target on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Finally, UBS Group assumed coverage on shares of Kinetik in a report on Tuesday, April 29th. They set a “neutral” rating and a $49.00 price target for the company. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $57.89.

Kinetik Trading Up 3.9%

KNTK traded up $1.61 during trading on Monday, reaching $43.32. 292,540 shares of the company’s stock were exchanged, compared to its average volume of 629,938. Kinetik has a one year low of $37.85 and a one year high of $67.60. The firm has a fifty day moving average price of $46.82 and a two-hundred day moving average price of $54.53. The stock has a market capitalization of $6.84 billion, a PE ratio of 15.97, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03.

Kinetik (NASDAQ:KNTK) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.24). The company had revenue of $443.26 million during the quarter, compared to analyst estimates of $466.54 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The business’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.12 earnings per share. Sell-side analysts expect that Kinetik will post 1.96 earnings per share for the current year.

Insider Activity at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the sale, the insider now owns 657,583 shares in the company, valued at $34,628,320.78. This trade represents a 61.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.83% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Kinetik

Hedge funds and other institutional investors have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Kinetik by 204.4% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 167,035 shares of the company’s stock valued at $8,676,000 after buying an additional 112,157 shares during the last quarter. Deutsche Bank AG raised its stake in Kinetik by 45.3% during the 1st quarter. Deutsche Bank AG now owns 405,882 shares of the company’s stock valued at $21,082,000 after purchasing an additional 126,603 shares during the period. Westwood Holdings Group Inc. raised its stake in Kinetik by 4.0% during the 1st quarter. Westwood Holdings Group Inc. now owns 1,126,832 shares of the company’s stock valued at $58,528,000 after purchasing an additional 43,619 shares during the period. Jefferies Financial Group Inc. bought a new stake in Kinetik in the 1st quarter worth approximately $1,511,000. Finally, Cetera Investment Advisers increased its stake in Kinetik by 147.8% in the 1st quarter. Cetera Investment Advisers now owns 13,183 shares of the company’s stock worth $685,000 after acquiring an additional 7,862 shares during the last quarter. 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.