Scotiabank Issues Pessimistic Forecast for Kinetik (NASDAQ:KNTK) Stock Price

Kinetik (NASDAQ:KNTKGet Free Report) had its price target lowered by equities research analysts at 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 would suggest a potential downside of 4.94% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Citigroup boosted their price target 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. The Goldman Sachs Group raised their price target on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Barclays boosted their price objective on Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. Wells Fargo & Company raised their target price on Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Finally, Royal Bank of Canada boosted their price target on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. 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 has a consensus rating of “Moderate Buy” and an average price target of $59.25.

View Our Latest Analysis on Kinetik

Kinetik Price Performance

Kinetik stock opened at $65.23 on Tuesday. The firm has a 50 day simple moving average of $58.97 and a 200-day simple moving average of $50.38. The stock has a market cap of $10.28 billion, a price-to-earnings ratio of 24.07, a price-to-earnings-growth ratio of 1.80 and a beta of 2.91. Kinetik has a 1-year low of $31.73 and a 1-year high of $67.60.

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

Institutional Trading of Kinetik

A number of large investors have recently made changes to their positions in the company. HITE Hedge Asset Management LLC acquired a new position in Kinetik during the 2nd quarter worth approximately $13,550,000. Merewether Investment Management LP grew its stake in shares of Kinetik by 56.6% during the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock worth $29,976,000 after purchasing an additional 239,500 shares in the last quarter. Gilman Hill Asset Management LLC grew its stake in shares of Kinetik by 551.6% during the third quarter. Gilman Hill Asset Management LLC now owns 244,524 shares of the company’s stock worth $11,067,000 after purchasing an additional 206,999 shares in the last quarter. Marshall Wace LLP increased its holdings in Kinetik by 196.0% in the second quarter. Marshall Wace LLP now owns 302,892 shares of the company’s stock valued at $12,552,000 after buying an additional 200,572 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Kinetik by 70.3% in the second quarter. Dimensional Fund Advisors LP now owns 456,740 shares of the company’s stock valued at $18,927,000 after buying an additional 188,533 shares in the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

About Kinetik

(Get Free Report)

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.

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Analyst Recommendations for Kinetik (NASDAQ:KNTK)

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