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

Kinetik (NASDAQ:KNTK) had its price target reduced by stock analysts at Barclays from $58.00 to $48.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price objective indicates a potential upside of 6.93% from the company’s current price.

A number of other research firms have also commented on KNTK. Wells Fargo & Company dropped their price target on Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Friday, February 28th. UBS Group initiated coverage on shares of Kinetik in a report on Tuesday, April 29th. They set a “neutral” rating and a $49.00 target price on the stock. US Capital Advisors upgraded shares of Kinetik from a “hold” rating to a “moderate buy” rating in a report on Monday, April 7th. Scotiabank dropped their price objective on shares of Kinetik from $57.00 to $54.00 and set a “sector outperform” rating on the stock in a report on Monday, May 12th. Finally, Royal Bank of Canada cut their price objective on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.44.

Kinetik Stock Performance

Shares of NASDAQ:KNTK opened at $44.89 on Tuesday. The company has a 50 day moving average price of $46.04 and a two-hundred day moving average price of $54.38. The company has a market capitalization of $7.08 billion, a PE ratio of 16.56, a PEG ratio of 1.52 and a beta of 3.03. Kinetik has a 52 week low of $37.85 and a 52 week high of $67.60.

Kinetik (NASDAQ:KNTK) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.24). The business had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The business’s quarterly revenue was up 29.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.12 EPS. On average, sell-side analysts forecast that Kinetik will post 1.96 earnings per share for the current year.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the completion of the transaction, the insider now directly owns 1,044,520 shares of the company’s stock, valued at approximately $58,106,647.60. This represents a 79.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.83% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Barclays PLC grew its stake in shares of Kinetik by 34.5% in the third quarter. Barclays PLC now owns 234,286 shares of the company’s stock valued at $10,603,000 after buying an additional 60,058 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Kinetik by 14,124.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company’s stock valued at $820,000 after acquiring an additional 13,842 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Kinetik by 12.5% in the 4th quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company’s stock valued at $27,675,000 after acquiring an additional 54,081 shares during the period. Jump Financial LLC grew its position in shares of Kinetik by 73.8% in the 4th quarter. Jump Financial LLC now owns 41,880 shares of the company’s stock valued at $2,375,000 after acquiring an additional 17,778 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Kinetik by 54.1% during the 4th quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company’s stock worth $13,794,000 after purchasing an additional 85,378 shares during the last quarter. Institutional investors and hedge funds 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.