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

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 objective lowered by analysts at Scotiabank from $55.00 to $53.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "sector outperform" rating on the stock. Scotiabank's price objective would suggest a potential upside of 27.62% from the stock's current price.

Several other research firms also recently issued reports on KNTK. Royal Bank Of Canada dropped their price target on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a research note on Friday, May 30th. Citigroup reaffirmed a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. Mizuho set a $53.00 target price on shares of Kinetik and gave the company an "outperform" rating in a research note on Friday, August 29th. Barclays dropped their target price on shares of Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a report on Monday, July 14th. Finally, Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.67.

Kinetik Trading Down 1.0%

Shares of KNTK traded down $0.42 during mid-day trading on Monday, reaching $41.53. The company had a trading volume of 249,423 shares, compared to its average volume of 1,080,706. The stock has a market cap of $6.72 billion, a price-to-earnings ratio of 56.12 and a beta of 3.16. The firm has a fifty day simple moving average of $41.86 and a 200-day simple moving average of $45.05. Kinetik has a fifty-two week low of $39.25 and a fifty-two week high of $67.60.

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

Hedge Funds Weigh In On Kinetik

Several hedge funds and other institutional investors have recently made changes to their positions in KNTK. Bell Investment Advisors Inc acquired a new position in Kinetik in the 1st quarter valued at approximately $41,000. Comerica Bank lifted its position in shares of Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after purchasing an additional 195 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of 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 period. Chung Wu Investment Group LLC bought a new stake in shares of Kinetik in the 2nd quarter valued at $56,000. Finally, Rossby Financial LCC bought a new position in Kinetik during the first quarter worth $78,000. 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.

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