Kinetik (NYSE:KNTK) Given New $43.00 Price Target at Barclays

Kinetik (NYSE:KNTK - Get Free Report) had its target price dropped by Barclays from $49.00 to $43.00 in a research report issued to clients and investors on Monday, July 14th, MarketBeat Ratings reports. The firm currently has an "equal weight" rating on the stock. Barclays's price target suggests a potential upside of 0.63% from the company's previous close.

KNTK has been the subject of a number of other research reports. Wall Street Zen downgraded shares of Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. UBS Group began coverage on shares of Kinetik in a research note on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target for the company. Mizuho reduced their price objective on shares of Kinetik from $70.00 to $61.00 and set an "outperform" rating for the company in a research report on Tuesday, May 20th. Royal Bank Of Canada reduced their price objective on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research report on Friday, May 30th. Finally, Citigroup restated a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.56.

Kinetik Stock Down 1.1%

Shares of Kinetik stock opened at $42.73 on Monday. Kinetik has a 52-week low of $37.85 and a 52-week high of $67.60. The company has a 50 day moving average of $43.26 and a 200 day moving average of $49.36. The company has a market capitalization of $6.75 billion, a P/E ratio of 44.98 and a beta of 3.00.

Kinetik (NYSE:KNTK - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). Kinetik had a negative return on equity of 8.05% and a net margin of 10.74%. The firm had revenue of $443.26 million during the quarter, compared to analysts' expectations of $466.54 million. During the same quarter in the prior year, the firm earned $0.12 EPS. The firm's revenue was up 29.8% compared to the same quarter last year.

Insider Activity at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of Kinetik stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total value of $188,213,894.40. Following the transaction, the insider directly owned 1 shares of the company's stock, valued at $44.16. The trade was a 100.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.83% of the stock is owned by insiders.

Hedge Funds Weigh In On Kinetik

Institutional investors have recently modified their holdings of the business. Bell Investment Advisors Inc acquired a new position in Kinetik in the 1st quarter valued at $41,000. Comerica Bank increased its stake in Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after buying an additional 195 shares during the period. Chung Wu Investment Group LLC acquired a new position in Kinetik in the 2nd quarter valued at $56,000. Nisa Investment Advisors LLC increased its stake in Kinetik by 141.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock valued at $59,000 after buying an additional 664 shares during the period. Finally, Sterling Capital Management LLC increased its stake in Kinetik by 789.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock valued at $62,000 after buying an additional 971 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

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.