Kinetik (NYSE:KNTK) Given New $40.00 Price Target at The Goldman Sachs Group

Kinetik (NYSE:KNTK) had its price objective lowered by The Goldman Sachs Group from $46.00 to $40.00 in a research note published on Monday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Other research analysts also recently issued research reports about the stock. Mizuho set a $48.00 price target on shares of Kinetik in a research note on Wednesday, October 29th. Wolfe Research restated an “outperform” rating and issued a $42.00 price objective on shares of Kinetik in a report on Friday, November 7th. Scotiabank decreased their price objective on shares of Kinetik from $51.00 to $45.00 and set a “sector outperform” rating for the company in a research report on Thursday, November 13th. Wall Street Zen downgraded shares of Kinetik from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Kinetik in a research note on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $49.70.

Kinetik Price Performance

KNTK opened at $32.79 on Monday. The business has a fifty day moving average price of $39.26 and a 200 day moving average price of $41.51. Kinetik has a 12 month low of $32.50 and a 12 month high of $67.60. The stock has a market capitalization of $5.30 billion, a price-to-earnings ratio of 78.07, a PEG ratio of 1.88 and a beta of 3.07.

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

Insider Activity

In related news, insider Jamie Welch bought 8,000 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The shares were purchased at an average cost of $34.57 per share, with a total value of $276,560.00. Following the transaction, the insider directly owned 3,687,791 shares of the company’s stock, valued at approximately $127,486,934.87. This represents a 0.22% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Kinetik

A number of institutional investors and hedge funds have recently bought and sold shares of KNTK. NewEdge Advisors LLC boosted its stake 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 in the last quarter. BlueCrest Capital Management Ltd acquired a new stake in shares of Kinetik in the 3rd quarter valued at about $513,000. Brave Warrior Advisors LLC acquired a new stake in shares of Kinetik in the 3rd quarter valued at about $68,766,000. Crawford Investment Counsel Inc. grew its stake in Kinetik by 10.2% during the 3rd quarter. Crawford Investment Counsel Inc. now owns 309,175 shares of the company’s stock worth $13,214,000 after buying an additional 28,648 shares during the last quarter. Finally, Boothbay Fund Management LLC acquired a new position in Kinetik during the third quarter worth approximately $253,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.