Kinetik (NYSE:KNTK) Hits New 12-Month Low After Analyst Downgrade

Kinetik Holdings Inc. (NYSE:KNTK) hit a new 52-week low on Thursday after Scotiabank lowered their price target on the stock from $51.00 to $45.00. Scotiabank currently has a sector outperform rating on the stock. Kinetik traded as low as $33.81 and last traded at $34.15, with a volume of 141699 shares trading hands. The stock had previously closed at $33.86.

Other analysts have also issued reports about the stock. Barclays lowered their price objective on shares of Kinetik from $43.00 to $40.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. Wolfe Research reaffirmed an “outperform” rating and issued a $42.00 price target on shares of Kinetik in a research report on Friday, November 7th. The Goldman Sachs Group set a $46.00 price objective on shares of Kinetik in a report on Tuesday, October 14th. Weiss Ratings reissued a “hold (c)” rating on shares of Kinetik in a research note on Wednesday, October 8th. Finally, Mizuho set a $48.00 target price on Kinetik in a research report on Wednesday, October 29th. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Kinetik has a consensus rating of “Moderate Buy” and a consensus price target of $50.30.

Insider Buying and Selling at Kinetik

In other Kinetik news, insider Jamie Welch bought 8,000 shares of the business’s stock in a transaction on Monday, November 10th. The stock was bought at an average price of $34.57 per share, with a total value of $276,560.00. Following the completion of the purchase, the insider directly owned 3,687,791 shares in the company, valued at $127,486,934.87. The trade was a 0.22% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Man Group plc boosted its stake in shares of Kinetik by 37.0% during the 3rd quarter. Man Group plc now owns 99,275 shares of the company’s stock valued at $4,243,000 after buying an additional 26,826 shares during the last quarter. Squarepoint Ops LLC boosted its stake in Kinetik by 6.5% during the 3rd quarter. Squarepoint Ops LLC now owns 238,483 shares of the company’s stock valued at $10,193,000 after acquiring an additional 14,477 shares during the last quarter. Wellington Management Group LLP boosted its stake in Kinetik by 73.3% during the 3rd quarter. Wellington Management Group LLP now owns 644,273 shares of the company’s stock valued at $27,536,000 after acquiring an additional 272,587 shares during the last quarter. Comerica Bank grew its holdings in Kinetik by 901.6% during the 3rd quarter. Comerica Bank now owns 13,471 shares of the company’s stock worth $576,000 after acquiring an additional 12,126 shares in the last quarter. Finally, Cadence Bank increased its position in shares of Kinetik by 3.0% in the 3rd quarter. Cadence Bank now owns 187,338 shares of the company’s stock worth $8,007,000 after purchasing an additional 5,447 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Kinetik Stock Performance

The business’s 50 day moving average price is $39.43 and its 200-day moving average price is $41.58. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of 82.48, a price-to-earnings-growth ratio of 1.79 and a beta of 3.07.

Kinetik (NYSE:KNTK) last issued its earnings results on Wednesday, November 5th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.20). Kinetik had a negative return on equity of 5.74% and a net margin of 6.70%.The company had revenue of $463.97 million during the quarter, compared to analyst estimates of $604.57 million. During the same period in the prior year, the business earned $0.35 earnings per share. Kinetik’s quarterly revenue was up 17.1% on a year-over-year basis.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.