Kinetik (NYSE:KNTK) Price Target Cut to $48.00 by Analysts at UBS Group

Kinetik (NYSE:KNTK) had its price objective lowered by UBS Group from $49.00 to $48.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. UBS Group’s target price points to a potential upside of 7.84% from the company’s previous close.

KNTK has been the topic of several other research reports. Jefferies Financial Group downgraded shares of Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price objective on the stock. in a report on Friday, February 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kinetik in a report on Thursday, January 22nd. Citigroup lifted their target price on shares of Kinetik from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Monday, March 2nd. 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 note on Monday, November 17th. Finally, Scotiabank raised their price target on shares of Kinetik from $48.00 to $49.00 and gave the stock a “sector outperform” rating in a research note on Thursday, March 5th. Six research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $46.00.

Kinetik Stock Down 0.7%

Shares of KNTK stock traded down $0.33 during trading hours on Monday, reaching $44.51. 1,094,688 shares of the company’s stock were exchanged, compared to its average volume of 1,428,931. Kinetik has a fifty-two week low of $31.33 and a fifty-two week high of $54.94. The stock has a market capitalization of $7.19 billion, a P/E ratio of 17.32, a P/E/G ratio of 1.42 and a beta of 0.69. The business has a fifty day moving average price of $41.55 and a 200-day moving average price of $39.21.

Kinetik (NYSE:KNTK) last announced its quarterly earnings data on Thursday, February 26th. The company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $2.01. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The business had revenue of $430.42 million for the quarter. During the same quarter in the previous year, the business posted $0.01 EPS. The company’s revenue was up 11.5% on a year-over-year basis.

Insider Activity

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the business’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $44.85, for a total value of $179,400,000.00. Following the transaction, the insider directly owned 1 shares in the company, valued at $44.85. The trade was a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven Stellato sold 2,907 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total transaction of $136,396.44. Following the sale, the insider directly owned 393,382 shares in the company, valued at $18,457,483.44. This represents a 0.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 4,015,831 shares of company stock valued at $180,054,928. Company insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Kinetik

A number of large investors have recently bought and sold shares of the business. Zimmer Partners LP acquired a new position in Kinetik in the fourth quarter worth $98,611,000. Brave Warrior Advisors LLC acquired a new stake in shares of Kinetik in the third quarter valued at $68,766,000. Wellington Management Group LLP raised its holdings in shares of Kinetik by 149.6% in the fourth quarter. Wellington Management Group LLP now owns 1,608,403 shares of the company’s stock valued at $57,983,000 after buying an additional 964,130 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in shares of Kinetik by 86.5% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company’s stock valued at $66,455,000 after buying an additional 855,000 shares during the last quarter. Finally, Cohen & Steers Inc. lifted its position in Kinetik by 82.5% during the 4th quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after buying an additional 833,224 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors.

About Kinetik

Kinetik (NYSE: KNTK) is a publicly listed midstream energy company focused on the development, operation and management of natural gas infrastructure across the United States. The company’s core business activities include the gathering, compression, processing, storage and transportation of natural gas, serving producers, utilities and industrial consumers. By integrating a suite of midstream services under a single platform, Kinetik aims to provide efficient, cost-effective and reliable solutions across the natural gas value chain.

The company was established in 2021 when assets were acquired from Talen Energy by a subsidiary of ArcLight Capital Partners, forming a comprehensive portfolio of pipelines, compression facilities and underground storage assets.