Barclays Cuts Kinetik (NASDAQ:KNTK) Price Target to $48.00

Kinetik (NASDAQ:KNTK - Get Free Report) had its target price reduced by equities research analysts at Barclays from $58.00 to $48.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Barclays's target price suggests a potential upside of 6.93% from the stock's previous close.

Other analysts have also recently issued research reports about the stock. Royal Bank of Canada lowered their target price on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Citigroup upgraded Kinetik from a "neutral" rating to a "buy" rating and lowered their price objective for the company from $58.00 to $55.00 in a research note on Tuesday. UBS Group assumed coverage on Kinetik in a research report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 target price for the company. Wells Fargo & Company decreased their price target on Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Friday, February 28th. Finally, Scotiabank dropped their price objective on Kinetik from $57.00 to $54.00 and set a "sector outperform" rating for the company in a research note on Monday, May 12th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Kinetik has an average rating of "Moderate Buy" and an average target price of $56.44.

Kinetik Stock Performance

NASDAQ KNTK opened at $44.89 on Tuesday. Kinetik has a twelve month low of $37.85 and a twelve month high of $67.60. The stock has a market cap of $7.08 billion, a PE ratio of 16.56, a PEG ratio of 1.52 and a beta of 3.03. The firm has a 50-day simple moving average of $46.04 and a 200 day simple moving average of $54.38.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted its quarterly earnings results 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). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The business had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. During the same quarter in the prior year, the firm earned $0.12 EPS. The firm's quarterly revenue was up 29.8% on a year-over-year basis. Research analysts forecast that Kinetik will post 1.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of the sale, the insider now owns 657,583 shares of the company's stock, valued at $34,628,320.78. This trade represents a 61.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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 made changes to their positions in KNTK. Fifth Third Bancorp bought a new position in shares of Kinetik in the 4th quarter valued at about $26,000. Canton Hathaway LLC acquired a new position in Kinetik in the fourth quarter valued at approximately $28,000. Rialto Wealth Management LLC acquired a new position in Kinetik in the fourth quarter valued at approximately $34,000. Bell Investment Advisors Inc bought a new position in Kinetik in the first quarter valued at approximately $41,000. Finally, Comerica Bank grew its holdings in Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after acquiring an additional 195 shares during the period. Institutional investors own 21.11% of the company's stock.

Kinetik Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.