Royal Bank of Canada Issues Pessimistic Forecast for Kinetik (NASDAQ:KNTK) Stock Price

Kinetik (NASDAQ:KNTK) had its price target lowered by Royal Bank of Canada from $67.00 to $63.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 18.77% from the stock’s current price.

A number of other equities analysts have also issued reports on KNTK. The Goldman Sachs Group raised their target price on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Wells Fargo & Company lowered their price objective on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Friday, February 28th. Citigroup lifted their price objective 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. Barclays lowered their price objective on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 6th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 15th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.63.

Kinetik Trading Up 2.7 %

Shares of KNTK opened at $53.05 on Thursday. The firm has a market cap of $8.37 billion, a PE ratio of 19.57, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85. The company’s 50 day simple moving average is $60.21 and its 200-day simple moving average is $54.62. Kinetik has a 12-month low of $35.59 and a 12-month high of $67.60.

Insider Transactions at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock in a transaction 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 transaction, the insider now owns 1,044,520 shares of the company’s stock, valued at $58,106,647.60. The trade was a 79.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 3.71% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in KNTK. Westwood Holdings Group Inc. raised its stake in Kinetik by 78.3% in the 4th quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company’s stock valued at $61,429,000 after purchasing an additional 475,606 shares during the last quarter. Pictet Asset Management Holding SA raised its stake in Kinetik by 8,475.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company’s stock valued at $24,442,000 after purchasing an additional 425,977 shares during the last quarter. Prudential Financial Inc. raised its stake in Kinetik by 391.1% in the 4th quarter. Prudential Financial Inc. now owns 392,343 shares of the company’s stock valued at $22,250,000 after purchasing an additional 312,458 shares during the last quarter. Merewether Investment Management LP raised its stake in Kinetik by 56.6% in 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 during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Kinetik in the 4th quarter valued at about $11,241,000. Institutional investors and hedge funds 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.