Kinetik (NYSE:KNTK) Price Target Cut to $55.00 by Analysts at Scotiabank

Key Points

• Scotiabank has reduced its price target for Kinetik (NYSE:KNTK) from $57.00 to $55.00, while maintaining a "sector outperform" rating.
• Kinetik shares have experienced a decline of 2.3%, trading at $40.98, with significant insider activity as major shareholder Isq Global Fund II GP LLC sold over 4 million shares.
• Despite the price target cut, Kinetik's average rating among analysts remains "Moderate Buy," indicating confidence in the company's future performance.

Kinetik (NYSE:KNTK - Get Free Report) had its price objective decreased by Scotiabank from $57.00 to $55.00 in a research note issued on Thursday, MarketBeat Ratings reports. The brokerage currently has a "sector outperform" rating on the stock. Scotiabank's price objective would indicate a potential upside of 37.12% from the company's current price.

Several other equities research analysts have also commented on KNTK. Royal Bank Of Canada reduced their price target on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research report on Friday, May 30th. Mizuho reduced their price target on shares of Kinetik from $61.00 to $57.00 and set an "outperform" rating for the company in a research report on Tuesday, July 15th. Barclays reduced their price target on shares of Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a research report on Monday, July 14th. Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. Finally, Citigroup reissued a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Kinetik has a consensus rating of "Moderate Buy" and an average price target of $55.33.

Kinetik Stock Down 1.7%

Shares of KNTK stock traded down $0.71 during mid-day trading on Thursday, reaching $40.11. 177,014 shares of the company's stock traded hands, compared to its average volume of 1,027,702. The company has a market cap of $6.50 billion, a P/E ratio of 54.20 and a beta of 3.03. The company's 50-day moving average price is $42.49 and its 200-day moving average price is $47.27. Kinetik has a 12 month low of $39.33 and a 12 month high of $67.60.

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

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the sale, the insider owned 1 shares in the company, valued at $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Kinetik

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Illinois Municipal Retirement Fund purchased a new stake in shares of Kinetik during the first quarter worth about $615,000. Catalyst Capital Advisors LLC raised its stake in shares of Kinetik by 10.2% during the 1st quarter. Catalyst Capital Advisors LLC now owns 270,487 shares of the company's stock worth $14,049,000 after buying an additional 24,933 shares during the period. Sequoia Financial Advisors LLC acquired a new position in shares of Kinetik during the 1st quarter worth approximately $970,000. SG Americas Securities LLC acquired a new position in shares of Kinetik during the 1st quarter worth approximately $647,000. Finally, KBC Group NV purchased a new stake in shares of Kinetik during the first quarter worth approximately $95,000. 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.