Kinetik (NYSE:KNTK) Stock Price Expected to Rise, Scotiabank Analyst Says

Kinetik (NYSE:KNTK - Get Free Report) had its target price upped by investment analysts at Scotiabank from $54.00 to $57.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a "sector outperform" rating on the stock. Scotiabank's price objective would indicate a potential upside of 30.58% from the company's previous close.

A number of other equities analysts also recently commented on the stock. Barclays set a $48.00 price objective on shares of Kinetik and gave the stock an "equal weight" rating in a research note on Tuesday, May 20th. UBS Group initiated coverage on shares of Kinetik in a report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price objective on the stock. Royal Bank of Canada dropped their price objective on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. US Capital Advisors raised shares of Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Finally, Wells Fargo & Company dropped their price objective on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $56.56.

Kinetik Price Performance

Shares of NYSE:KNTK traded down $2.00 during midday trading on Thursday, hitting $43.65. The company had a trading volume of 3,096,850 shares, compared to its average volume of 951,591. The company has a market cap of $6.90 billion, a price-to-earnings ratio of 45.95 and a beta of 3.05. Kinetik has a 12-month low of $37.85 and a 12-month high of $67.60. The company has a fifty day moving average of $44.05 and a two-hundred day moving average of $53.47.

Kinetik (NYSE:KNTK - Get Free Report) last issued its quarterly earnings data 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). The firm had revenue of $443.26 million during the quarter, compared to analysts' expectations of $466.54 million. During the same period last year, the firm posted $0.12 EPS. The firm's quarterly revenue was up 29.8% on a year-over-year basis.

Insiders Place Their Bets

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the stock in a transaction dated 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 transaction, the insider now owns 657,583 shares in the company, valued at $34,628,320.78. This represents a 61.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 3.83% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Comerica Bank lifted its position in shares of Kinetik by 32.2% in the fourth quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after purchasing an additional 195 shares in the last quarter. Private Advisor Group LLC lifted its position in shares of Kinetik by 5.3% in the fourth quarter. Private Advisor Group LLC now owns 8,859 shares of the company's stock worth $502,000 after purchasing an additional 448 shares in the last quarter. Canton Hathaway LLC purchased a new stake in shares of Kinetik in the fourth quarter worth approximately $28,000. Swiss National Bank lifted its position in shares of Kinetik by 0.7% in the fourth quarter. Swiss National Bank now owns 76,300 shares of the company's stock worth $4,327,000 after purchasing an additional 500 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in Kinetik by 4.2% during the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company's stock valued at $670,000 after acquiring an additional 522 shares in the last quarter. 21.11% of the stock is currently 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.