Kinetik (NYSE:KNTK) Given New $67.00 Price Target at Morgan Stanley

Kinetik (NYSE:KNTK) had its price target decreased by equities researchers at Morgan Stanley from $70.00 to $67.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 20.96% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. Wall Street Zen raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a report on Saturday, August 8th. Raymond James Financial reissued an “outperform” rating and set a $57.00 price target on shares of Kinetik in a report on Tuesday. Tudor Pickering assumed coverage on Kinetik in a research report on Monday, July 20th. They issued a “buy” rating and a $57.00 price target on the stock. Royal Bank Of Canada boosted their price target on Kinetik from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, October 14th. Finally, Citigroup reaffirmed a “buy” rating and set a $55.00 price objective (up from $52.00) on shares of Kinetik in a research note on Tuesday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $55.47.

Kinetik Trading Up 1.6%

KNTK stock traded up $0.87 on Wednesday, hitting $55.39. The company’s stock had a trading volume of 280,456 shares, compared to its average volume of 1,177,130. The firm has a 50 day moving average of $53.72 and a two-hundred day moving average of $50.24. Kinetik has a 1 year low of $31.33 and a 1 year high of $56.92. The stock has a market cap of $8.99 billion, a price-to-earnings ratio of 20.07, a price-to-earnings-growth ratio of 1.25 and a beta of 0.61.

Kinetik (NYSE:KNTK) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The firm had revenue of $581.44 million during the quarter, compared to analysts’ expectations of $421.48 million. During the same quarter in the prior year, the business earned $0.33 EPS. Kinetik’s quarterly revenue was up 36.3% compared to the same quarter last year. As a group, equities analysts forecast that Kinetik will post 1.40 EPS for the current fiscal year.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 2,000,000 shares of Kinetik stock in a transaction dated Tuesday, October 13th. The shares were sold at an average price of $54.77, for a total value of $109,540,000.00. Following the sale, the insider owned 1 shares of the company’s stock, valued at $54.77. The trade was a 100.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 3,931,632 shares of company stock valued at $211,967,059 over the last quarter. 3.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position in Kinetik by 1.7% in the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock valued at $90,720,000 after purchasing an additional 30,600 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Kinetik by 1.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock valued at $33,285,000 after purchasing an additional 8,513 shares in the last quarter. NEOS Investment Management LLC increased its position in Kinetik by 30.9% during the 2nd quarter. NEOS Investment Management LLC now owns 392,128 shares of the company’s stock worth $18,955,000 after purchasing an additional 92,637 shares during the period. Pictet Asset Management Holding SA increased its position in Kinetik by 107.1% during the 1st quarter. Pictet Asset Management Holding SA now owns 365,652 shares of the company’s stock worth $17,701,000 after purchasing an additional 189,065 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in Kinetik during the 2nd quarter worth approximately $17,364,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

About Kinetik

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company’s assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.