Kinetik (NYSE:KNTK) Stock Gets Price Target Trim from Morgan Stanley

Kinetik (NYSE:KNTK) had its price target decreased by Morgan Stanley from $67.00 to $64.00 in a report released on Tuesday,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Other equities research analysts have also recently issued reports about the company. Barclays upped their price target on Kinetik from $51.00 to $56.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 13th. The Goldman Sachs Group restated a “buy” rating and issued a $58.00 price objective on shares of Kinetik in a research report on Wednesday, October 14th. Tudor Pickering started coverage on shares of Kinetik in a report on Monday, July 20th. They set a “buy” rating and a $57.00 target price on the stock. Wall Street Zen upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Zacks Research downgraded shares of Kinetik from a “strong-buy” rating to a “hold” rating in a report on Friday, October 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Kinetik presently has an average rating of “Moderate Buy” and an average price target of $56.36.

Kinetik Price Performance

NYSE:KNTK opened at $54.55 on Tuesday. The company has a market cap of $8.86 billion, a P/E ratio of 17.96, a P/E/G ratio of 1.26 and a beta of 0.67. The stock’s fifty day moving average price is $53.68 and its two-hundred day moving average price is $49.23. Kinetik has a 1 year low of $31.33 and a 1 year high of $58.90.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.14). The company had revenue of $569.40 million during the quarter. Kinetik had a negative return on equity of 42.78% and a net margin of 25.65%. Kinetik’s revenue for the quarter was up 22.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.03 earnings per share. On average, analysts expect that Kinetik will post 1.36 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 14,889 shares of the business’s stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $55.07, for a total transaction of $819,937.23. Following the completion of the transaction, the insider owned 961,114 shares of the company’s stock, valued at approximately $52,928,547.98. The trade was a 1.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders sold 3,167,780 shares of company stock worth $172,804,708. Company insiders own 3.56% of the company’s stock.

Institutional Investors Weigh In On Kinetik

A number of institutional investors and hedge funds have recently bought and sold shares of KNTK. Allworth Financial LP raised its position in shares of Kinetik by 72.4% during the 2nd quarter. Allworth Financial LP now owns 569 shares of the company’s stock valued at $28,000 after buying an additional 239 shares in the last quarter. Pinnacle Wealth Planning Services Inc. increased its stake in Kinetik by 5,693.8% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 927 shares of the company’s stock worth $47,000 after purchasing an additional 911 shares during the period. Integrated Wealth Concepts LLC bought a new stake in Kinetik in the second quarter valued at approximately $71,000. Signaturefd LLC lifted its position in Kinetik by 21.3% in the third quarter. Signaturefd LLC now owns 1,714 shares of the company’s stock valued at $86,000 after purchasing an additional 301 shares during the last quarter. Finally, Covestor Ltd lifted its position in Kinetik by 13,233.3% in the third quarter. Covestor Ltd now owns 2,000 shares of the company’s stock valued at $100,000 after purchasing an additional 1,985 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Kinetik Company Profile

Kinetik Holdings provides midstream services to oil and natural gas producers operating in the Permian Basin, with a focus on the Delaware Basin in West Texas and southeastern New Mexico. Its services connect producing wells to downstream markets and other energy infrastructure. The company’s operations include natural gas gathering, compression, processing and transportation, as well as crude oil gathering and produced-water gathering, recycling and disposal. Kinetik also provides related infrastructure and commercial services to its producer customers.