Scotiabank Boosts Kinetik (NYSE:KNTK) Price Target to $49.00

Key Points

• Scotiabank raised its price target on Kinetik from $48 to $49 and kept a "sector outperform" rating, implying roughly a 7.98% upside from the current price.
• Kinetik posted a strong quarter, reporting EPS of $2.16 vs. $0.15 expected and revenue of $430.42M (up 11.5% YoY), yet the stock trades near $45.38 and the consensus analyst rating is a "Hold" with a $45.55 target.
• Significant insider selling occurred: Isq Global Fund II sold 4,000,000 shares for about $179.4M (reducing its stake to one share); insiders now own ~3.83% and institutions ~21.11% of the stock.

Kinetik (NYSE:KNTK - Get Free Report) had its price objective upped by equities research analysts at Scotiabank from $48.00 to $49.00 in a report released 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 7.98% from the company's current price.

A number of other brokerages also recently commented on KNTK. Wells Fargo & Company increased their price target on Kinetik from $40.00 to $44.00 and gave the company an "equal weight" rating in a research report on Friday, February 27th. Jefferies Financial Group lowered Kinetik from a "buy" rating to a "hold" rating and set a $43.00 target price for the company. in a research report on Friday, February 6th. Wolfe Research cut Kinetik from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, January 27th. The Goldman Sachs Group decreased their price target on shares of Kinetik from $46.00 to $40.00 and set a "buy" rating for the company in a research note on Monday, November 17th. Finally, Citigroup upped their price objective on Kinetik from $46.00 to $51.00 and gave the company a "buy" rating in a research note on Monday. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $45.55.

Kinetik Trading Down 0.5%

Kinetik stock traded down $0.22 during trading on Thursday, hitting $45.38. 529,048 shares of the company were exchanged, compared to its average volume of 1,470,248. The company has a market capitalization of $7.33 billion, a P/E ratio of 17.66, a PEG ratio of 1.13 and a beta of 0.70. The business's 50 day moving average is $40.22 and its 200 day moving average is $38.98. Kinetik has a 52 week low of $31.33 and a 52 week high of $54.94.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.15 by $2.01. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The firm had revenue of $430.42 million for the quarter. During the same period in the prior year, the firm earned $0.01 earnings per share. Kinetik's revenue was up 11.5% compared to the same quarter last year.

Insider Activity at Kinetik

In related news, insider Matthew Wall sold 8,083 shares of the company's stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $36.05, for a total value of $291,392.15. Following the transaction, the insider directly owned 554,738 shares in the company, valued at approximately $19,998,304.90. This represents a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the firm's stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $44.85, for a total transaction of $179,400,000.00. Following the completion of the sale, the insider directly owned 1 shares in the company, valued at $44.85. This represents a 100.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 3.83% of the stock is currently owned by insiders.

Institutional Trading of Kinetik

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Chickasaw Capital Management LLC boosted its position in Kinetik by 63.9% during the third quarter. Chickasaw Capital Management LLC now owns 1,098,447 shares of the company's stock valued at $46,948,000 after buying an additional 428,103 shares during the period. Public Sector Pension Investment Board bought a new stake in shares of Kinetik in the 3rd quarter valued at about $7,277,000. Dynamic Technology Lab Private Ltd boosted its holdings in Kinetik by 86.9% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 17,360 shares of the company's stock valued at $765,000 after acquiring an additional 8,070 shares during the period. Fort Washington Investment Advisors Inc. OH grew its position in Kinetik by 90.5% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 61,695 shares of the company's stock worth $2,637,000 after acquiring an additional 29,303 shares during the last quarter. Finally, Eagle Global Advisors LLC increased its stake in Kinetik by 70.7% in the 3rd quarter. Eagle Global Advisors LLC now owns 449,980 shares of the company's stock worth $19,232,000 after purchasing an additional 186,444 shares during the period. Hedge funds and other institutional investors own 21.11% of the company's stock.

Kinetik Company Profile

Kinetik NYSE: KNTK is a publicly listed midstream energy company focused on the development, operation and management of natural gas infrastructure across the United States. The company's core business activities include the gathering, compression, processing, storage and transportation of natural gas, serving producers, utilities and industrial consumers. By integrating a suite of midstream services under a single platform, Kinetik aims to provide efficient, cost-effective and reliable solutions across the natural gas value chain.

The company was established in 2021 when assets were acquired from Talen Energy by a subsidiary of ArcLight Capital Partners, forming a comprehensive portfolio of pipelines, compression facilities and underground storage assets.

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