Scotiabank Lowers Kinetik (NYSE:KNTK) Price Target to $53.00

Key Points

• Scotiabank lowered its price target for Kinetik (NYSE:KNTK) from $55.00 to $53.00, while maintaining a "sector outperform" rating on the stock, indicating a potential upside of 27.62%.
• Despite the lowered target, Kinetik has received mixed ratings from various analysts, with six giving it a Buy rating and four assigning a Hold rating, resulting in a consensus rating of "Moderate Buy".
• Kinetik reported $0.33 earnings per share for the last quarter, surpassing estimates, with a significant 18.7% year-over-year revenue increase.

Kinetik (NYSE:KNTK - Get Free Report) had its price target cut by equities researchers at Scotiabank from $55.00 to $53.00 in a report released on Monday, Marketbeat reports. The brokerage currently has a "sector outperform" rating on the stock. Scotiabank's target price points to a potential upside of 21.03% from the stock's previous close.

Several other research firms have also commented on KNTK. Citigroup reiterated a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. Mizuho set a $53.00 price target on Kinetik and gave the stock an "outperform" rating in a research report on Friday, August 29th. Wall Street Zen lowered Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. Royal Bank Of Canada dropped their target price on Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research report on Friday, May 30th. Finally, Zacks Research upgraded Kinetik from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $54.67.

Kinetik Stock Up 1.2%

KNTK traded up $0.54 on Monday, hitting $43.79. The company had a trading volume of 1,202,920 shares, compared to its average volume of 1,421,010. The company has a market cap of $7.09 billion, a PE ratio of 59.18 and a beta of 3.16. Kinetik has a 12-month low of $39.25 and a 12-month high of $67.60. The business's fifty day simple moving average is $41.74 and its 200 day simple moving average is $44.70.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, topping 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 last year, the company earned $0.54 earnings per share.

Institutional Trading of Kinetik

A number of large investors have recently modified their holdings of KNTK. Zimmer Partners LP purchased a new stake in shares of Kinetik in the first quarter valued at approximately $102,124,000. RR Advisors LLC purchased a new stake in shares of Kinetik in the second quarter valued at approximately $22,471,000. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Kinetik in the second quarter valued at approximately $22,025,000. Westwood Holdings Group Inc. boosted its holdings in shares of Kinetik by 78.3% in the fourth quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company's stock valued at $61,429,000 after purchasing an additional 475,606 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Kinetik by 109.7% in the second quarter. Bank of America Corp DE now owns 776,306 shares of the company's stock valued at $34,196,000 after purchasing an additional 406,160 shares during the period. Hedge funds and other 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.