Barclays Has Lowered Expectations for Kinetik (NASDAQ:KNTK) Stock Price

Kinetik (NASDAQ:KNTK) had its price objective lowered by research analysts at Barclays from $61.00 to $57.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price objective points to a potential upside of 11.30% from the company’s current price.

Several other research analysts have also weighed in on the company. Citigroup upped their target price on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. JPMorgan Chase & Co. increased their price objective on Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 15th. Wells Fargo & Company lowered their price objective on Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Scotiabank lowered their price objective on Kinetik from $64.00 to $62.00 and set a “sector outperform” rating on the stock in a report on Tuesday, January 21st. Finally, The Goldman Sachs Group increased 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. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.25.

Kinetik Price Performance

Shares of KNTK stock opened at $51.21 on Thursday. Kinetik has a fifty-two week low of $35.19 and a fifty-two week high of $67.60. The stock’s 50-day moving average is $60.81 and its two-hundred day moving average is $54.35. The firm has a market cap of $8.07 billion, a P/E ratio of 18.90, a PEG ratio of 1.52 and a beta of 2.85.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the completion of the sale, the insider now owns 1,044,520 shares in the company, valued at $58,106,647.60. This represents a 79.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.71% of the stock is owned by corporate insiders.

Institutional Trading of Kinetik

Several hedge funds have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. lifted its position in shares of Kinetik by 2.0% in the 4th 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 period. Comerica Bank lifted its position in shares of Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock worth $45,000 after acquiring an additional 195 shares during the period. GAMMA Investing LLC lifted its position in shares of Kinetik by 72.0% in the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after acquiring an additional 213 shares during the period. Private Advisor Group LLC lifted its position in shares of Kinetik by 5.3% in the 4th quarter. Private Advisor Group LLC now owns 8,859 shares of the company’s stock worth $502,000 after acquiring an additional 448 shares during the period. Finally, Fifth Third Bancorp bought a new stake in shares of Kinetik in the 4th quarter worth approximately $26,000. Institutional investors own 21.11% of the company’s stock.

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.