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

Kinetik (NASDAQ:KNTK) had its target price cut by Scotiabank from $64.00 to $62.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price objective indicates a potential downside of 7.35% from the company’s current price.

KNTK has been the topic of a number of other reports. JPMorgan Chase & Co. boosted their price objective on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 15th. Royal Bank of Canada boosted their target price on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Citigroup boosted their target price on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Barclays boosted their target price on shares of Kinetik from $47.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Monday, January 13th. Finally, Wells Fargo & Company boosted their target price on shares of Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $59.25.

Kinetik Price Performance

KNTK traded up $1.75 on Tuesday, reaching $66.92. 305,218 shares of the company traded hands, compared to its average volume of 521,692. The stock’s 50 day moving average price is $58.57 and its 200-day moving average price is $50.10. Kinetik has a 52-week low of $31.73 and a 52-week high of $67.02. The company has a market cap of $10.54 billion, a price-to-earnings ratio of 24.68, a PEG ratio of 1.80 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $331.21 million. During the same period in the previous year, the firm posted $0.21 earnings per share. The business’s revenue for the quarter was up 20.0% on a year-over-year basis. As a group, equities research analysts forecast that Kinetik will post 1.35 earnings per share for the current fiscal year.

Institutional Trading of Kinetik

Several large investors have recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in shares of Kinetik by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock worth $39,742,000 after buying an additional 13,644 shares during the period. Merewether Investment Management LP boosted its holdings in shares of Kinetik by 56.6% during the 3rd quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock worth $29,976,000 after buying an additional 239,500 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Kinetik by 70.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company’s stock worth $18,927,000 after buying an additional 188,533 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in shares of Kinetik by 10.5% during the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 440,000 shares of the company’s stock worth $24,952,000 after buying an additional 41,864 shares during the period. Finally, Point72 Asset Management L.P. raised its stake in Kinetik by 30.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 352,558 shares of the company’s stock valued at $15,957,000 after purchasing an additional 82,600 shares during the last quarter. 21.11% of the stock is owned by institutional investors.

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.