Citigroup Lowers Kinetik (NYSE:KNTK) Price Target to $46.00

Kinetik (NYSE:KNTK) had its target price decreased by analysts at Citigroup from $55.00 to $46.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 42.06% from the stock’s current price.

Several other brokerages have also weighed in on KNTK. Wall Street Zen lowered Kinetik from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. The Goldman Sachs Group lowered their target price on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a research report on Monday. Weiss Ratings restated a “hold (c)” rating on shares of Kinetik in a research note on Wednesday, October 8th. Barclays reduced their target price on shares of Kinetik from $43.00 to $40.00 and set an “equal weight” rating for the company in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada lowered their price target on Kinetik from $52.00 to $46.00 and set an “outperform” rating on the stock in a report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.90.

Kinetik Price Performance

Shares of Kinetik stock traded up $0.70 during trading on Friday, hitting $32.38. 1,054,126 shares of the stock were exchanged, compared to its average volume of 1,128,696. The firm’s 50-day moving average price is $38.66 and its 200 day moving average price is $41.32. The stock has a market cap of $5.23 billion, a price-to-earnings ratio of 77.10, a price-to-earnings-growth ratio of 1.77 and a beta of 3.07. Kinetik has a 12-month low of $31.33 and a 12-month high of $67.60.

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

Insider Buying and Selling at Kinetik

In other news, insider Jamie Welch purchased 8,000 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were acquired at an average cost of $34.57 per share, for a total transaction of $276,560.00. Following the completion of the purchase, the insider directly owned 3,687,791 shares in the company, valued at $127,486,934.87. The trade was a 0.22% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.83% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Kinetik

A number of institutional investors have recently added to or reduced their stakes in KNTK. Bell Investment Advisors Inc purchased a new position in shares of Kinetik during the 1st quarter worth approximately $41,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Kinetik in the 3rd quarter valued at about $54,000. Advisory Services Network LLC acquired a new stake in shares of Kinetik in the third quarter valued at about $55,000. Chung Wu Investment Group LLC purchased a new stake in Kinetik during the second quarter worth about $56,000. Finally, Fifth Third Bancorp increased its holdings in Kinetik by 269.2% in the third quarter. Fifth Third Bancorp now owns 1,569 shares of the company’s stock valued at $67,000 after buying an additional 1,144 shares in 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. 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.