The Goldman Sachs Group Lowers Kinetik (NYSE:KNTK) Price Target to $40.00

Kinetik (NYSE:KNTK) had its price target dropped by stock analysts at The Goldman Sachs Group from $46.00 to $40.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 18.69% from the company’s current price.

Several other research analysts have also issued reports on the stock. Scotiabank dropped their price target on shares of Kinetik from $51.00 to $45.00 and set a “sector outperform” rating for the company in a research report on Thursday. Weiss Ratings restated a “hold (c)” rating on shares of Kinetik in a research report on Wednesday, October 8th. Wall Street Zen cut Kinetik from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. Wolfe Research reissued an “outperform” rating and set a $42.00 price objective on shares of Kinetik in a report on Friday, November 7th. Finally, Mizuho set a $48.00 target price on shares of Kinetik in a research note on Wednesday, October 29th. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.70.

Kinetik Stock Performance

Shares of NYSE:KNTK traded down $0.80 during trading on Monday, hitting $33.70. 220,183 shares of the stock were exchanged, compared to its average volume of 1,126,013. The company has a market capitalization of $5.45 billion, a price-to-earnings ratio of 80.24, a price-to-earnings-growth ratio of 1.88 and a beta of 3.07. Kinetik has a 1-year low of $32.70 and a 1-year high of $67.60. The company’s fifty day simple moving average is $39.43 and its 200-day simple moving average is $41.57.

Kinetik (NYSE:KNTK) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.20). The business had revenue of $463.97 million during the quarter, compared to the consensus estimate of $604.57 million. Kinetik had a net margin of 6.70% and a negative return on equity of 5.74%. The company’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same period last year, the firm earned $0.35 EPS.

Insiders Place Their Bets

In other news, insider Jamie Welch acquired 8,000 shares of Kinetik stock in a transaction on Monday, November 10th. The shares were purchased at an average price of $34.57 per share, with a total value of $276,560.00. Following the acquisition, the insider owned 3,687,791 shares in the company, valued at $127,486,934.87. This represents a 0.22% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Kinetik

A number of institutional investors and hedge funds have recently made changes to their positions in KNTK. Bell Investment Advisors Inc acquired a new position in shares of Kinetik during the first quarter valued at $41,000. Aster Capital Management DIFC Ltd acquired a new stake in Kinetik in the third quarter worth about $54,000. Chung Wu Investment Group LLC bought a new stake in Kinetik during the 2nd quarter worth about $56,000. Comerica Bank lifted its position in Kinetik by 91.5% during the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after purchasing an additional 732 shares during the period. Finally, Fifth Third Bancorp boosted its stake in shares of Kinetik by 269.2% in the 3rd quarter. Fifth Third Bancorp now owns 1,569 shares of the company’s stock valued at $67,000 after purchasing an additional 1,144 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. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.