Kinetik (NYSE:KNTK) Stock Gets Price Target Cut from Morgan Stanley

Kinetik (NYSE:KNTK) had its target price lowered by Morgan Stanley from $70.00 to $67.00 in a report published on Wednesday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Several other analysts also recently weighed in on KNTK. Barclays lifted their target price on shares of Kinetik from $51.00 to $56.00 and gave the company an “equal weight” rating in a report on Tuesday, October 13th. Royal Bank Of Canada increased their price target on shares of Kinetik from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 14th. Clear Str downgraded shares of Kinetik from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 17th. The Goldman Sachs Group restated a “buy” rating and issued a $58.00 price objective on shares of Kinetik in a research report on Wednesday, October 14th. Finally, Wall Street Zen raised Kinetik from a “strong sell” rating to a “hold” rating in a report on Saturday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $55.47.

Kinetik Price Performance

NYSE:KNTK opened at $55.82 on Wednesday. The firm has a market cap of $9.06 billion, a price-to-earnings ratio of 18.46, a price-to-earnings-growth ratio of 1.21 and a beta of 0.61. The firm’s fifty day moving average price is $53.92 and its 200 day moving average price is $50.39. Kinetik has a 1-year low of $31.33 and a 1-year high of $56.92.

Kinetik (NYSE:KNTK) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.45. The company had revenue of $581.44 million during the quarter, compared to the consensus estimate of $421.48 million. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. Kinetik’s quarterly revenue was up 36.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.33 EPS. As a group, analysts expect that Kinetik will post 1.44 earnings per share for the current fiscal year.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 2,000,000 shares of the stock in a transaction on Tuesday, October 13th. The stock was sold at an average price of $54.77, for a total value of $109,540,000.00. Following the completion of the transaction, the insider owned 1 shares in the company, valued at approximately $54.77. This represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 3,931,632 shares of company stock valued at $211,967,059 in the last three months. Corporate insiders own 3.56% of the company’s stock.

Hedge Funds Weigh In On Kinetik

Institutional investors and hedge funds have recently made changes to their positions in the stock. Signaturefd LLC grew its stake in shares of Kinetik by 21.3% during the 3rd quarter. Signaturefd LLC now owns 1,714 shares of the company’s stock worth $86,000 after purchasing an additional 301 shares during the period. Inspire Investing LLC lifted its stake in shares of Kinetik by 100.8% in the third quarter. Inspire Investing LLC now owns 27,926 shares of the company’s stock valued at $1,402,000 after purchasing an additional 14,016 shares during the period. Yousif Capital Management LLC lifted its stake in shares of Kinetik by 21.3% in the third quarter. Yousif Capital Management LLC now owns 16,013 shares of the company’s stock valued at $804,000 after purchasing an additional 2,817 shares during the period. Royal Fund Management LLC lifted its stake in shares of Kinetik by 1.3% in the third quarter. Royal Fund Management LLC now owns 21,876 shares of the company’s stock valued at $1,098,000 after purchasing an additional 289 shares during the period. Finally, Nisa Investment Advisors LLC boosted its holdings in Kinetik by 181.2% during the third quarter. Nisa Investment Advisors LLC now owns 3,321 shares of the company’s stock worth $167,000 after buying an additional 2,140 shares in the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Company Profile

Kinetik Holdings Inc is a midstream energy company that provides infrastructure and services for the gathering, processing, transportation and treatment of natural gas, crude oil and natural gas liquids. Its operations are focused primarily on the Permian Basin, where it connects hydrocarbon production to processing facilities, pipelines and downstream markets.

The company’s assets include natural gas gathering and processing systems, crude oil gathering infrastructure, natural gas liquids services and long-haul pipeline interests.