Scotiabank Lowers Kinetik (NASDAQ:KNTK) Price Target to $62.00

Kinetik (NASDAQ:KNTK) had its price objective decreased by stock analysts at Scotiabank from $64.00 to $62.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s price objective points to a potential downside of 7.35% from the stock’s previous close.

KNTK has been the subject of a number of other research reports. Barclays increased their price objective on shares of Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Mizuho increased their price objective on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Wells Fargo & Company increased their price objective on shares of Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. The Goldman Sachs Group increased their price objective on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 15th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Kinetik currently has an average rating of “Moderate Buy” and a consensus price target of $59.25.

Kinetik Trading Up 2.7 %

NASDAQ:KNTK traded up $1.75 during trading hours on Tuesday, hitting $66.92. 305,218 shares of the company traded hands, compared to its average volume of 521,692. The stock has a market capitalization of $10.54 billion, a price-to-earnings ratio of 24.68, a P/E/G ratio of 1.80 and a beta of 2.91. Kinetik has a twelve month low of $31.73 and a twelve month high of $67.02. The firm has a 50-day moving average of $58.57 and a 200 day moving average of $50.10.

Kinetik (NASDAQ:KNTK) last released its earnings results on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.10). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The company had revenue of $396.40 million for the quarter, compared to analyst estimates of $331.21 million. During the same quarter in the previous year, the company earned $0.21 earnings per share. Kinetik’s revenue for the quarter was up 20.0% compared to the same quarter last year. Equities research analysts predict that Kinetik will post 1.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Kinetik

A number of hedge funds have recently added to or reduced their stakes in KNTK. Fifth Third Bancorp bought a new stake in Kinetik during the 4th quarter worth about $26,000. GAMMA Investing LLC grew its holdings in Kinetik by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after acquiring an additional 213 shares during the last quarter. Ashton Thomas Securities LLC bought a new stake in Kinetik during the 3rd quarter worth about $46,000. Blue Trust Inc. grew its holdings in Kinetik by 244.9% during the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock worth $158,000 after acquiring an additional 2,699 shares during the last quarter. Finally, CWM LLC grew its holdings in Kinetik by 2,030.9% during the 3rd quarter. CWM LLC now owns 3,793 shares of the company’s stock worth $172,000 after acquiring an additional 3,615 shares during the last quarter. 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.