Wells Fargo & Company Lowers Kinetik (NASDAQ:KNTK) Price Target to $58.00

Kinetik (NASDAQ:KNTK) had its price target dropped by equities researchers at Wells Fargo & Company from $60.00 to $58.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential downside of 0.52% from the company’s previous close.

A number of other brokerages have also recently issued reports on KNTK. The Goldman Sachs Group lifted their price objective on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Barclays lifted their price target on Kinetik from $47.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Monday, January 13th. Scotiabank cut their price objective on shares of Kinetik from $64.00 to $62.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, January 21st. Citigroup raised their price objective on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Finally, JPMorgan Chase & Co. upped their target price on shares of Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 15th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.00.

Kinetik Stock Performance

Shares of KNTK traded up $2.27 during mid-day trading on Friday, reaching $58.30. The company had a trading volume of 504,492 shares, compared to its average volume of 736,589. The company has a market capitalization of $9.18 billion, a price-to-earnings ratio of 21.50, a price-to-earnings-growth ratio of 1.52 and a beta of 2.89. The firm has a 50-day moving average price of $61.05 and a 200 day moving average price of $53.90. Kinetik has a 52 week low of $33.76 and a 52 week high of $67.60.

Institutional Investors Weigh In On Kinetik

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fifth Third Bancorp purchased a new stake in Kinetik during the 4th quarter valued at $26,000. Canton Hathaway LLC bought a new stake in shares of Kinetik in the fourth quarter worth $28,000. GAMMA Investing LLC increased its position in Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after acquiring an additional 213 shares during the last quarter. Rialto Wealth Management LLC bought a new position in Kinetik in the fourth quarter valued at about $34,000. Finally, Comerica Bank boosted its position in Kinetik by 32.2% in the fourth quarter. Comerica Bank now owns 800 shares of the company’s stock worth $45,000 after purchasing an additional 195 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company’s stock.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.