UBS Group Lowers Kinetik (NYSE:KNTK) Price Target to $48.00

Kinetik (NYSE:KNTK) had its price target cut by stock analysts at UBS Group from $49.00 to $48.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the stock. UBS Group’s target price would suggest a potential upside of 7.84% from the company’s current price.

KNTK has been the subject of a number of other research reports. Scotiabank boosted their target price on Kinetik from $48.00 to $49.00 and gave the stock a “sector outperform” rating in a research report on Thursday, March 5th. Citigroup lifted their price objective on Kinetik from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd. Raymond James Financial set a $46.00 price objective on Kinetik in a report on Monday, January 5th. The Goldman Sachs Group cut their target price on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating on the stock in a research report on Monday, November 17th. Finally, Royal Bank Of Canada raised their target price on shares of Kinetik from $46.00 to $49.00 and gave the company an “outperform” rating in a research note on Tuesday, March 10th. Six equities research 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, Kinetik has a consensus rating of “Hold” and a consensus target price of $46.00.

Kinetik Trading Down 0.7%

Shares of Kinetik stock traded down $0.33 during midday trading on Monday, reaching $44.51. The company had a trading volume of 1,094,688 shares, compared to its average volume of 1,428,931. The stock has a fifty day simple moving average of $41.55 and a 200 day simple moving average of $39.21. Kinetik has a 1-year low of $31.33 and a 1-year high of $54.94. The company has a market capitalization of $7.19 billion, a price-to-earnings ratio of 17.32, a price-to-earnings-growth ratio of 1.42 and a beta of 0.69.

Kinetik (NYSE:KNTK) last posted 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. The firm had revenue of $430.42 million for the quarter. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.01 EPS.

Insider Buying and Selling

In other Kinetik news, insider Trevor Howard sold 1,619 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $75,963.48. Following the transaction, the insider owned 249,795 shares of the company’s stock, valued at approximately $11,720,381.40. This represents a 0.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Steven Stellato sold 2,907 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $136,396.44. Following the transaction, the insider owned 393,382 shares in the company, valued at approximately $18,457,483.44. This trade represents a 0.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 4,015,831 shares of company stock worth $180,054,928. Company insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Kinetik by 9.4% during the fourth quarter. Vanguard Group Inc. now owns 5,096,786 shares of the company’s stock valued at $183,739,000 after purchasing an additional 439,586 shares during the period. Zimmer Partners LP acquired a new stake in Kinetik in the fourth quarter worth $98,611,000. Cohen & Steers Inc. boosted its position in shares of Kinetik by 82.5% during the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock worth $66,458,000 after purchasing an additional 833,224 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its position in shares of Kinetik by 86.5% during the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,843,400 shares of the company’s stock worth $66,455,000 after purchasing an additional 855,000 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Kinetik by 22.4% in the 4th quarter. Invesco Ltd. now owns 1,775,216 shares of the company’s stock valued at $63,997,000 after buying an additional 325,251 shares during the period. Institutional investors 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.