Wells Fargo & Company Lowers Kinetik (NASDAQ:KNTK) Price Target to $58.00

Kinetik (NASDAQ:KNTK - Get Free Report) had its target price reduced by investment analysts at Wells Fargo & Company from $60.00 to $58.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective would suggest a potential upside of 5.74% from the stock's current price.

KNTK has been the subject of a number of other reports. The Goldman Sachs Group increased their target price on shares of Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Barclays lifted their target price on shares of Kinetik from $47.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Monday, January 13th. JPMorgan Chase & Co. upped their price target on Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a research note on Wednesday, January 15th. Citigroup boosted their price objective on Kinetik from $54.00 to $58.00 and gave the company a "neutral" rating in a report on Monday, December 16th. Finally, Scotiabank lowered their price objective on shares of Kinetik from $64.00 to $62.00 and set a "sector outperform" rating for the company in a research note on Tuesday, January 21st. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $59.00.

Kinetik Price Performance

KNTK stock traded down $2.06 during midday trading on Friday, hitting $54.85. 2,241,583 shares of the stock traded hands, compared to its average volume of 578,613. The stock's fifty day simple moving average is $61.05 and its 200-day simple moving average is $54.29. The firm has a market cap of $8.64 billion, a P/E ratio of 20.24, a PEG ratio of 1.52 and a beta of 2.89. Kinetik has a 1-year low of $34.27 and a 1-year high of $67.60.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fifth Third Bancorp purchased a new position in shares of Kinetik in the 4th quarter worth $26,000. Canton Hathaway LLC purchased a new position in Kinetik in the fourth quarter valued at approximately $28,000. GAMMA Investing LLC grew its stake in Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company's stock worth $29,000 after buying an additional 213 shares during the period. Rialto Wealth Management LLC acquired a new stake in shares of Kinetik in the fourth quarter worth $34,000. Finally, Comerica Bank lifted its holdings in shares of Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after acquiring an additional 195 shares in the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

About Kinetik

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.