Kinetik (NYSE:KNTK) Given New $49.00 Price Target at Scotiabank

Kinetik (NYSE:KNTK) had its price target upped by Scotiabank from $48.00 to $49.00 in a research note issued to investors on Thursday,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

Several other analysts also recently issued reports on KNTK. Raymond James Financial set a $46.00 price target on Kinetik in a research note on Monday, January 5th. Wells Fargo & Company lifted their target price on Kinetik from $40.00 to $44.00 and gave the stock an “equal weight” rating in a report on Friday, February 27th. Weiss Ratings restated a “hold (c)” rating on shares of Kinetik in a research note on Thursday, January 22nd. Zacks Research lowered shares of Kinetik from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. Finally, Barclays lifted their price objective on shares of Kinetik from $40.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Thursday. Six analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $45.55.

Kinetik Stock Performance

Shares of KNTK opened at $45.70 on Thursday. The firm has a market cap of $7.38 billion, a P/E ratio of 17.78, a price-to-earnings-growth ratio of 1.11 and a beta of 0.70. Kinetik has a 52 week low of $31.33 and a 52 week high of $54.94. The firm’s 50-day simple moving average is $40.42 and its 200 day simple moving average is $39.03.

Kinetik (NYSE:KNTK) last issued 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 firm had revenue of $430.42 million during the quarter. During the same quarter last year, the business earned $0.01 earnings per share. The company’s revenue was up 11.5% on a year-over-year basis.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,000,000 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $44.85, for a total transaction of $179,400,000.00. Following the sale, the insider directly owned 1 shares in the company, valued at $44.85. This represents a 100.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Matthew Wall sold 8,083 shares of the firm’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $36.05, for a total transaction of $291,392.15. Following the completion of the transaction, the insider directly owned 554,738 shares in the company, valued at approximately $19,998,304.90. This represents a 1.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.83% of the stock is currently owned by company insiders.

Institutional Trading of Kinetik

Several large investors have recently made changes to their positions in KNTK. CWM LLC raised its position in Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company’s stock valued at $27,000 after purchasing an additional 352 shares in the last quarter. Signaturefd LLC increased its stake in shares of Kinetik by 101.5% in the 4th quarter. Signaturefd LLC now owns 802 shares of the company’s stock valued at $29,000 after purchasing an additional 404 shares during the last quarter. Kestra Advisory Services LLC bought a new position in shares of Kinetik in the 4th quarter valued at $33,000. Los Angeles Capital Management LLC acquired a new position in shares of Kinetik during the 4th quarter worth $40,000. Finally, Huntington National Bank lifted its position in shares of Kinetik by 139.1% during the 4th quarter. Huntington National Bank now owns 1,222 shares of the company’s stock worth $44,000 after buying an additional 711 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.