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

Kinetik (NASDAQ:KNTK) had its target price reduced by research analysts at Scotiabank from $62.00 to $60.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price target indicates a potential upside of 17.16% from the company’s current price.

KNTK has been the topic of a number of other research reports. The Goldman Sachs Group boosted their price target on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Barclays lowered their price target on Kinetik from $61.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Thursday. Wells Fargo & Company lowered their price target on Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Friday, February 28th. JPMorgan Chase & Co. boosted their price target on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 15th. Finally, Citigroup boosted their price objective on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Kinetik presently has an average rating of “Moderate Buy” and an average price target of $58.25.

Kinetik Stock Up 0.1 %

Shares of NASDAQ KNTK opened at $51.21 on Thursday. The business’s 50 day moving average price is $60.81 and its two-hundred day moving average price is $54.35. The company has a market cap of $8.07 billion, a PE ratio of 18.90, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85. Kinetik has a twelve month low of $35.19 and a twelve month high of $67.60.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total value of $219,873,736.53. Following the completion of the sale, the insider now directly owns 1,044,520 shares in the company, valued at approximately $58,106,647.60. The trade was a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 3.71% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Kinetik

Several institutional investors have recently made changes to their positions in KNTK. Westwood Holdings Group Inc. boosted its stake in shares of Kinetik by 78.3% in the fourth quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company’s stock valued at $61,429,000 after buying an additional 475,606 shares during the period. Pictet Asset Management Holding SA lifted its stake in Kinetik by 8,475.5% during the fourth quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company’s stock worth $24,442,000 after purchasing an additional 425,977 shares during the last quarter. Prudential Financial Inc. lifted its stake in Kinetik by 391.1% during the fourth quarter. Prudential Financial Inc. now owns 392,343 shares of the company’s stock worth $22,250,000 after purchasing an additional 312,458 shares during the last quarter. Merewether Investment Management LP lifted its stake in Kinetik by 56.6% during the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock worth $29,976,000 after purchasing an additional 239,500 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Kinetik during the fourth quarter worth $11,241,000. 21.11% of the stock is currently owned by 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.