Kinetik (NYSE:KNTK) Given New $55.00 Price Target at Royal Bank of Canada

Kinetik (NYSE:KNTK - Get Free Report) had its target price cut by equities researchers at Royal Bank of Canada from $57.00 to $55.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank of Canada's price target would suggest a potential upside of 23.37% from the stock's previous close.

Other equities research analysts have also issued research reports about the stock. Barclays set a $48.00 price target on shares of Kinetik and gave the stock an "equal weight" rating in a research note on Tuesday, May 20th. US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. Wells Fargo & Company decreased their target price on Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a research report on Friday, February 28th. Mizuho decreased their price objective on Kinetik from $70.00 to $61.00 and set an "outperform" rating for the company in a report on Tuesday, May 20th. Finally, UBS Group assumed coverage on Kinetik in a report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $56.22.

Kinetik Price Performance

Shares of Kinetik stock traded down $0.62 during trading hours on Friday, hitting $44.58. 1,461,980 shares of the company's stock traded hands, compared to its average volume of 919,032. Kinetik has a 12-month low of $37.85 and a 12-month high of $67.60. The stock has a market capitalization of $7.04 billion, a price-to-earnings ratio of 46.93 and a beta of 3.03. The company has a fifty day simple moving average of $44.58 and a 200-day simple moving average of $53.80.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings data 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). The company had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. During the same period in the previous year, the business earned $0.12 EPS. The business's revenue was up 29.8% compared to the same quarter last year.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the business's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the completion of the transaction, the insider now directly owns 1,044,520 shares in the company, valued at $58,106,647.60. The trade was a 79.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 3.83% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Barclays PLC grew its position in Kinetik by 34.5% during the third quarter. Barclays PLC now owns 234,286 shares of the company's stock worth $10,603,000 after buying an additional 60,058 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Kinetik by 14,124.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company's stock worth $820,000 after purchasing an additional 13,842 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Kinetik by 12.5% in the 4th quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company's stock worth $27,675,000 after buying an additional 54,081 shares in the last quarter. Jump Financial LLC grew its stake in Kinetik by 73.8% in the 4th quarter. Jump Financial LLC now owns 41,880 shares of the company's stock worth $2,375,000 after buying an additional 17,778 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Kinetik by 54.1% in the 4th quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company's stock worth $13,794,000 after buying an additional 85,378 shares in the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

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.