Scotiabank Reiterates $55.00 Price Target for Kinetik (NYSE:KNTK)

Kinetik (NYSE:KNTK) has been assigned a $55.00 price objective by equities researchers at Scotiabank in a report released on Thursday, Marketbeat reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price target would indicate a potential upside of 34.70% from the company’s current price.

KNTK has been the topic of several other reports. Royal Bank Of Canada cut their price objective on shares of Kinetik from $57.00 to $55.00 and set an “outperform” rating on the stock in a research report on Friday, May 30th. Barclays cut their price objective on shares of Kinetik from $49.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Monday, July 14th. Wall Street Zen downgraded shares of Kinetik from a “hold” rating to a “sell” rating in a research report on Tuesday, June 17th. Citigroup restated a “buy” rating on shares of Kinetik in a research report on Tuesday, June 10th. Finally, UBS Group began coverage on shares of Kinetik in a research report on Tuesday, April 29th. They set a “neutral” rating and a $49.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $55.33.

Kinetik Stock Performance

NYSE KNTK opened at $40.83 on Thursday. Kinetik has a one year low of $39.33 and a one year high of $67.60. The company has a 50-day simple moving average of $42.49 and a 200-day simple moving average of $47.27. The firm has a market capitalization of $6.61 billion, a PE ratio of 55.18 and a beta of 3.03.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.14 by $0.19. Kinetik had a net margin of 8.21% and a negative return on equity of 6.16%. During the same period last year, the firm posted $0.54 earnings per share. Kinetik’s revenue for the quarter was up 18.7% on a year-over-year basis.

Insider Buying and Selling at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the business’s stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the transaction, the insider directly owned 1 shares of the company’s stock, valued at approximately $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 SEC, which is accessible through the SEC website. 3.83% of the stock is currently owned by company insiders.

Institutional Trading of Kinetik

Several large investors have recently added to or reduced their stakes in KNTK. Wells Fargo & Company MN lifted its stake in shares of Kinetik by 40.6% in the fourth quarter. Wells Fargo & Company MN now owns 33,080 shares of the company’s stock worth $1,876,000 after buying an additional 9,560 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Kinetik by 18.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 27,666 shares of the company’s stock worth $1,569,000 after buying an additional 4,366 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Kinetik by 13.5% in the fourth quarter. Legal & General Group Plc now owns 42,201 shares of the company’s stock worth $2,393,000 after buying an additional 5,034 shares during the last quarter. Sterling Capital Management LLC lifted its stake in shares of Kinetik by 789.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company’s stock worth $62,000 after buying an additional 971 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in Kinetik during the 4th quarter valued at $650,000. 21.11% of the stock is owned by institutional investors.

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.