Scotiabank Issues Pessimistic Forecast for Kinetik (NASDAQ:KNTK) Stock Price

Kinetik (NASDAQ:KNTK - Get Free Report) had its price target lowered by Scotiabank from $64.00 to $62.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a "sector outperform" rating on the stock. Scotiabank's price objective indicates a potential downside of 6.83% from the stock's current price.

KNTK has been the topic of a number of other reports. Wells Fargo & Company upped their price target on Kinetik from $58.00 to $60.00 and gave the company an "equal weight" rating in a report on Wednesday, December 18th. JPMorgan Chase & Co. upped their target price on shares of Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a research note on Wednesday, January 15th. Royal Bank of Canada lifted their price target on shares of Kinetik from $46.00 to $52.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 16th. Barclays increased their price objective on shares of Kinetik from $47.00 to $61.00 and gave the company an "equal weight" rating in a research report on Monday, January 13th. Finally, Citigroup lifted their target price on shares of Kinetik from $54.00 to $58.00 and gave the stock a "neutral" rating in a research report on Monday, December 16th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Kinetik currently has an average rating of "Moderate Buy" and a consensus price target of $59.25.

Kinetik Price Performance

NASDAQ KNTK traded up $1.37 during trading hours on Tuesday, reaching $66.54. 1,184,271 shares of the company's stock traded hands, compared to its average volume of 601,006. Kinetik has a 52-week low of $31.73 and a 52-week high of $67.60. The firm has a 50-day simple moving average of $58.78 and a 200 day simple moving average of $50.27. The firm has a market cap of $10.48 billion, a PE ratio of 24.55, a PEG ratio of 1.80 and a beta of 2.91.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.10). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company had revenue of $396.40 million during the quarter, compared to analysts' expectations of $331.21 million. During the same quarter in the previous year, the company earned $0.21 EPS. The business's quarterly revenue was up 20.0% on a year-over-year basis. Sell-side analysts forecast that Kinetik will post 1.35 EPS for the current fiscal year.

Institutional Trading of Kinetik

Several hedge funds have recently bought and sold shares of KNTK. Harbor Capital Advisors Inc. boosted its position in shares of Kinetik by 2.0% during the fourth quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company's stock worth $515,000 after acquiring an additional 174 shares during the last quarter. GAMMA Investing LLC lifted its stake in Kinetik by 72.0% in the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company's stock worth $29,000 after purchasing an additional 213 shares in the last quarter. Fifth Third Bancorp bought a new position in shares of Kinetik during the 4th quarter valued at about $26,000. Exchange Traded Concepts LLC grew its position in shares of Kinetik by 0.9% during the fourth quarter. Exchange Traded Concepts LLC now owns 81,230 shares of the company's stock valued at $4,607,000 after purchasing an additional 739 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Kinetik by 14.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,867 shares of the company's stock worth $356,000 after purchasing an additional 983 shares during the last quarter. Institutional investors own 21.11% of the company's stock.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.