Kinetik (NYSE:KNTK) Price Target Raised to $51.00 at Scotiabank

Kinetik (NYSE:KNTK) had its price objective hoisted by analysts at Scotiabank from $49.00 to $51.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 11.84% from the company’s previous close.

Several other research firms also recently commented on KNTK. Wall Street Zen downgraded shares of Kinetik from a “hold” rating to a “sell” rating in a research report on Sunday, March 8th. Wells Fargo & Company raised their price target on shares of Kinetik from $44.00 to $47.00 and gave the company an “equal weight” rating in a report on Friday. Barclays lifted their price objective on shares of Kinetik from $40.00 to $43.00 and gave the company an “equal weight” rating in a research note on Thursday, March 5th. Royal Bank Of Canada upped their price objective on shares of Kinetik from $46.00 to $49.00 and gave the stock an “outperform” rating in a report on Tuesday, March 10th. Finally, UBS Group lowered their target price on shares of Kinetik from $49.00 to $48.00 and set a “neutral” rating on the stock in a research report on Monday. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $46.18.

Kinetik Trading Up 2.2%

KNTK stock traded up $0.97 during mid-day trading on Tuesday, hitting $45.60. The stock had a trading volume of 53,202 shares, compared to its average volume of 1,407,949. Kinetik has a 1-year low of $31.33 and a 1-year high of $54.94. The company has a fifty day moving average of $41.71 and a 200 day moving average of $39.23. The stock has a market capitalization of $7.37 billion, a price-to-earnings ratio of 17.74, a PEG ratio of 1.42 and a beta of 0.69.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $2.01. The business had revenue of $430.42 million during the quarter. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.01 earnings per share.

Insider Activity

In other news, insider Steven Stellato sold 2,907 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $136,396.44. Following the sale, the insider directly owned 393,382 shares of the company’s stock, valued at approximately $18,457,483.44. This trade represents a 0.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Matthew Wall sold 3,222 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $46.92, for a total value of $151,176.24. Following the completion of the sale, the insider directly owned 585,556 shares in the company, valued at approximately $27,474,287.52. This represents a 0.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 4,015,831 shares of company stock valued at $180,054,928 over the last three months. 3.83% of the stock is currently owned by insiders.

Institutional Trading of Kinetik

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KNTK. Invesco Ltd. lifted its holdings in shares of Kinetik by 22.4% during the fourth quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock worth $63,997,000 after buying an additional 325,251 shares during the last quarter. Vident Advisory LLC grew its stake in shares of Kinetik by 0.8% in the fourth quarter. Vident Advisory LLC now owns 61,246 shares of the company’s stock worth $2,208,000 after acquiring an additional 500 shares during the last quarter. Yaupon Capital Management LP bought a new position in Kinetik during the fourth quarter worth $5,698,000. Zimmer Partners LP bought a new position in Kinetik during the fourth quarter worth $98,611,000. Finally, Virtus Investment Advisers LLC acquired a new position in Kinetik during the 4th quarter valued at $170,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

About Kinetik

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.