Barclays Cuts Kinetik (NYSE:KNTK) Price Target to $40.00

Key Points

• Barclays has lowered its price target for Kinetik (NYSE:KNTK) from $43.00 to $40.00, maintaining an "equal weight" rating which suggests a 3.95% upside from the stock's previous close.
• In recent analyst evaluations, Citigroup reaffirmed a "buy" rating, while Wall Street Zen downgraded the stock from "hold" to "sell", highlighting a mixed consensus on its performance.
• Kinetik's stock traded at $38.48, reflecting a negative return on equity of 6.16% and an earnings per share (EPS) of $0.33, which beat the consensus estimate of $0.14.

Kinetik (NYSE:KNTK - Get Free Report) had its price target lowered by investment analysts at Barclays from $43.00 to $40.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Barclays's price objective points to a potential upside of 3.95% from the stock's previous close.

Several other equities research analysts also recently issued reports on KNTK. Citigroup reaffirmed a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. Zacks Research raised Kinetik from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. Scotiabank reissued an "outperform" rating on shares of Kinetik in a research report on Monday, September 8th. Wall Street Zen downgraded Kinetik from a "hold" rating to a "sell" rating in a research report on Sunday, September 28th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Kinetik in a research report on Saturday, September 27th. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Kinetik has an average rating of "Moderate Buy" and a consensus target price of $54.33.

Kinetik Stock Performance

Shares of NYSE:KNTK traded down $1.02 during midday trading on Wednesday, hitting $38.48. The company's stock had a trading volume of 513,459 shares, compared to its average volume of 1,107,003. The stock has a market capitalization of $6.23 billion, a price-to-earnings ratio of 52.00, a PEG ratio of 0.96 and a beta of 3.11. The stock's 50 day simple moving average is $42.05 and its 200 day simple moving average is $43.35. Kinetik has a fifty-two week low of $37.70 and a fifty-two week high of $67.60.

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

Insider Activity

In other news, insider Jamie Welch bought 5,000 shares of the business's stock in a transaction dated Thursday, October 2nd. The stock was bought at an average price of $39.13 per share, for a total transaction of $195,650.00. Following the completion of the purchase, the insider owned 3,676,399 shares of the company's stock, valued at approximately $143,857,492.87. The trade was a 0.14% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.83% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Bell Investment Advisors Inc bought a new position in shares of Kinetik in the first quarter valued at approximately $41,000. Chung Wu Investment Group LLC bought a new position in Kinetik in the 2nd quarter worth approximately $56,000. Nisa Investment Advisors LLC raised its position in Kinetik by 141.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock worth $59,000 after purchasing an additional 664 shares during the last quarter. Rossby Financial LCC bought a new position in Kinetik in the 1st quarter worth approximately $78,000. Finally, Comerica Bank raised its position in Kinetik by 91.5% in the 1st quarter. Comerica Bank now owns 1,532 shares of the company's stock worth $80,000 after purchasing an additional 732 shares during the last quarter. 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. 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.

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