Scotiabank Increases Kinetik (NYSE:KNTK) Price Target to $57.00

Kinetik (NYSE:KNTK) had its target price lifted by stock analysts at Scotiabank from $54.00 to $57.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price target points to a potential upside of 29.40% from the stock’s current price.

Other analysts have also recently issued research reports about the company. Wall Street Zen cut Kinetik from a “hold” rating to a “sell” rating in a report on Sunday, June 1st. Citigroup raised shares of Kinetik from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $58.00 to $55.00 in a report on Tuesday, May 20th. UBS Group assumed coverage on shares of Kinetik in a research report on Tuesday, April 29th. They issued a “neutral” rating and a $49.00 price objective for the company. Barclays set a $48.00 target price on shares of Kinetik and gave the stock an “equal weight” rating in a research report on Tuesday, May 20th. Finally, Royal Bank of Canada lowered their price target on shares of Kinetik from $57.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.56.

Kinetik Trading Up 0.8%

Shares of Kinetik stock opened at $44.05 on Thursday. The stock has a market capitalization of $6.96 billion, a price-to-earnings ratio of 46.37 and a beta of 3.05. The firm’s 50-day moving average price is $43.87 and its two-hundred day moving average price is $53.36. Kinetik has a 1-year low of $37.85 and a 1-year high of $67.60.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 EPS 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. During the same quarter in the previous year, the business posted $0.12 EPS. Kinetik’s revenue was up 29.8% compared to the same quarter last year.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of Kinetik stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the completion of the sale, the insider now directly owns 1 shares of the company’s stock, valued at $44.16. The trade was a 100.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.83% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Kinetik

Several hedge funds have recently added to or reduced their stakes in KNTK. Allspring Global Investments Holdings LLC grew its position in shares of Kinetik by 14,124.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company’s stock worth $820,000 after buying an additional 13,842 shares during the period. Bank of New York Mellon Corp boosted its stake in Kinetik by 12.5% during the 4th quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company’s stock worth $27,675,000 after acquiring an additional 54,081 shares during the last quarter. Jump Financial LLC grew its holdings in Kinetik by 73.8% during the fourth quarter. Jump Financial LLC now owns 41,880 shares of the company’s stock valued at $2,375,000 after purchasing an additional 17,778 shares during the period. JPMorgan Chase & Co. increased its stake in Kinetik by 54.1% in the fourth quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company’s stock valued at $13,794,000 after purchasing an additional 85,378 shares in the last quarter. Finally, Two Sigma Investments LP increased its stake in Kinetik by 34.8% in the fourth quarter. Two Sigma Investments LP now owns 372,650 shares of the company’s stock valued at $21,133,000 after purchasing an additional 96,210 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Company Profile

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.