Kinetik (NYSE:KNTK) Price Target Cut to $48.00 by Analysts at UBS Group

Kinetik (NYSE:KNTK) had its price objective decreased by UBS Group from $49.00 to $48.00 in a research report released on Monday morning,Benzinga reports. UBS Group currently has a neutral rating on the stock.

Several other research analysts have also recently commented on the stock. Citigroup raised their target price on shares of Kinetik from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 2nd. Wall Street Zen lowered shares of Kinetik from a “hold” rating to a “sell” rating in a report on Sunday, March 8th. Jefferies Financial Group downgraded shares of Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price target for the company. in a research report on Friday, February 6th. Scotiabank raised their price objective on shares of Kinetik from $48.00 to $49.00 and gave the stock a “sector outperform” rating in a research note on Thursday, March 5th. Finally, The Goldman Sachs Group lowered their price objective on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a research report on Monday, November 17th. Six analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $46.00.

Kinetik Stock Down 0.7%

Shares of Kinetik stock opened at $44.51 on Monday. The stock’s fifty day moving average is $41.71 and its 200-day moving average is $39.23. The firm has a market capitalization of $7.19 billion, a PE ratio of 17.32, a price-to-earnings-growth ratio of 1.42 and a beta of 0.69. Kinetik has a 12-month low of $31.33 and a 12-month high of $54.94.

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

Insiders Place Their Bets

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $44.85, for a total value of $179,400,000.00. Following the completion of the sale, the insider directly owned 1 shares of the company’s stock, valued at $44.85. This represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Matthew Wall sold 8,083 shares of the firm’s stock in a transaction that occurred 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 owned 554,738 shares of the company’s stock, valued at approximately $19,998,304.90. This represents a 1.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 4,015,831 shares of company stock worth $180,054,928. Insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Kinetik

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CWM LLC grew its holdings in shares of Kinetik by 89.8% during the 4th quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after acquiring an additional 352 shares in the last quarter. Signaturefd LLC increased its stake in shares of Kinetik by 101.5% in the fourth quarter. Signaturefd LLC now owns 802 shares of the company’s stock worth $29,000 after acquiring an additional 404 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Kinetik during the fourth quarter worth $33,000. Los Angeles Capital Management LLC acquired a new stake in Kinetik during the fourth quarter valued at $40,000. Finally, Huntington National Bank boosted its position in Kinetik by 139.1% during the fourth quarter. Huntington National Bank now owns 1,222 shares of the company’s stock valued at $44,000 after purchasing an additional 711 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

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.