Kinetik (NASDAQ:KNTK) Coverage Initiated by Analysts at Scotiabank

Research analysts at Scotiabank started coverage on shares of Kinetik (NASDAQ:KNTK) in a report released on Friday, MarketBeat Ratings reports. The brokerage set a “sector outperform” rating and a $64.00 price target on the stock. Scotiabank’s price target would suggest a potential upside of 7.26% from the stock’s previous close.

Several other brokerages have also issued reports on KNTK. Citigroup lifted their target price on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Wells Fargo & Company upped their target price on shares of Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Royal Bank of Canada lifted their price target on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group raised their price objective on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, Barclays upped their target price on Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $55.00.

Kinetik Stock Performance

Shares of KNTK stock opened at $59.67 on Friday. Kinetik has a 52 week low of $31.73 and a 52 week high of $62.55. The firm’s 50-day simple moving average is $57.18 and its two-hundred day simple moving average is $48.95. The firm has a market cap of $9.40 billion, a price-to-earnings ratio of 22.02, a P/E/G ratio of 2.85 and a beta of 2.91.

Kinetik (NASDAQ:KNTK) last announced 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). The company had revenue of $396.40 million for the quarter, compared to the consensus estimate of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The company’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.21 earnings per share. Analysts forecast that Kinetik will post 1.35 earnings per share for the current year.

Institutional Investors Weigh In On Kinetik

A number of hedge funds and other institutional investors have recently bought and sold shares of KNTK. HITE Hedge Asset Management LLC bought a new position in Kinetik during the 2nd quarter valued at approximately $13,550,000. Renaissance Technologies LLC increased its holdings in shares of Kinetik by 88.3% during the second quarter. Renaissance Technologies LLC now owns 633,962 shares of the company’s stock valued at $26,271,000 after acquiring an additional 297,200 shares in the last quarter. Merewether Investment Management LP increased its stake in Kinetik by 56.6% during the 3rd quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock valued at $29,976,000 after purchasing an additional 239,500 shares in the last quarter. Gilman Hill Asset Management LLC lifted its position in Kinetik by 551.6% in the 3rd quarter. Gilman Hill Asset Management LLC now owns 244,524 shares of the company’s stock valued at $11,067,000 after acquiring an additional 206,999 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in Kinetik by 196.0% in the 2nd quarter. Marshall Wace LLP now owns 302,892 shares of the company’s stock worth $12,552,000 after buying an additional 200,572 shares in the last quarter. Hedge funds and other 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.