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

Kinetik (NYSE:KNTK) had its price target dropped by research analysts at Morgan Stanley from $67.00 to $64.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley‘s price target suggests a potential upside of 22.32% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. boosted their target price on shares of Kinetik from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. Weiss Ratings restated a “hold (c+)” rating on shares of Kinetik in a research note on Wednesday, November 4th. Royal Bank Of Canada lifted their price objective on Kinetik from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 14th. Zacks Research cut Kinetik from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 30th. Finally, Clear Str downgraded Kinetik from a “strong-buy” rating to a “hold” rating in a report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $56.36.

Kinetik Price Performance

NYSE KNTK traded up $1.99 during trading hours on Tuesday, reaching $52.32. 301,780 shares of the company’s stock traded hands, compared to its average volume of 1,179,845. Kinetik has a 52-week low of $31.33 and a 52-week high of $58.90. The firm has a 50-day simple moving average of $53.76 and a 200 day simple moving average of $49.02. The firm has a market cap of $8.50 billion, a PE ratio of 17.50, a PEG ratio of 1.14 and a beta of 0.67.

Kinetik (NYSE:KNTK) last released its earnings results on Wednesday, November 4th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.14). The company had revenue of $569.40 million during the quarter. Kinetik had a negative return on equity of 44.80% and a net margin of 25.65%. The company’s revenue was up 22.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.03 earnings per share. Sell-side analysts forecast that Kinetik will post 1.44 EPS for the current fiscal year.

Insider Activity at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 2,000,000 shares of the business’s stock in a transaction on Tuesday, October 13th. The shares were sold at an average price of $54.77, for a total value of $109,540,000.00. Following the transaction, the insider owned 1 shares of the company’s stock, valued at approximately $54.77. 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 can be accessed through this hyperlink. Insiders have sold a total of 3,480,455 shares of company stock valued at $189,142,576 over the last quarter. 3.56% of the stock is currently owned by insiders.

Institutional Trading of Kinetik

Institutional investors and hedge funds have recently bought and sold shares of the stock. Allworth Financial LP boosted its position in shares of Kinetik by 72.4% during the 2nd quarter. Allworth Financial LP now owns 569 shares of the company’s stock valued at $28,000 after acquiring an additional 239 shares during the last quarter. GAMMA Investing LLC increased its position in Kinetik by 10.5% during the second quarter. GAMMA Investing LLC now owns 2,882 shares of the company’s stock worth $139,000 after purchasing an additional 273 shares during the last quarter. Royal Fund Management LLC raised its stake in Kinetik by 1.3% during the third quarter. Royal Fund Management LLC now owns 21,876 shares of the company’s stock worth $1,098,000 after purchasing an additional 289 shares during the period. ProShare Advisors LLC raised its stake in Kinetik by 4.0% during the third quarter. ProShare Advisors LLC now owns 7,676 shares of the company’s stock worth $385,000 after purchasing an additional 295 shares during the period. Finally, Signaturefd LLC raised its stake in Kinetik by 21.3% during the third 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. 21.11% of the stock is currently owned by institutional investors.

About Kinetik

Kinetik Holdings provides midstream services to oil and natural gas producers operating in the Permian Basin, with a focus on the Delaware Basin in West Texas and southeastern New Mexico. Its services connect producing wells to downstream markets and other energy infrastructure.

The company’s operations include natural gas gathering, compression, processing and transportation, as well as crude oil gathering and produced-water gathering, recycling and disposal. Kinetik also provides related infrastructure and commercial services to its producer customers.

Kinetik was formed in 2022 through the merger of EagleClaw Midstream and Altus Midstream.