Royal Bank Of Canada Cuts Kinetik (NYSE:KNTK) Price Target to $46.00

Kinetik (NYSE:KNTK) had its target price cut by equities research analysts at Royal Bank Of Canada from $52.00 to $46.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target points to a potential upside of 40.50% from the company’s current price.

Other analysts have also recently issued reports about the stock. Weiss Ratings restated a “hold (c)” rating on shares of Kinetik in a report on Wednesday, October 8th. The Goldman Sachs Group decreased their target price on shares of Kinetik from $46.00 to $40.00 and set a “buy” rating for the company in a research report on Monday. Mizuho set a $48.00 price target on shares of Kinetik in a report on Wednesday, October 29th. Wall Street Zen downgraded Kinetik from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. Finally, Wolfe Research reissued an “outperform” rating and issued a $42.00 price objective on shares of Kinetik in a research report on Friday, November 7th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Kinetik currently has an average rating of “Moderate Buy” and an average target price of $48.80.

Kinetik Price Performance

NYSE KNTK traded down $0.43 during midday trading on Wednesday, hitting $32.74. 162,772 shares of the company traded hands, compared to its average volume of 1,126,412. Kinetik has a 52 week low of $32.34 and a 52 week high of $67.60. The company’s 50-day simple moving average is $39.08 and its 200-day simple moving average is $41.45. The company has a market cap of $5.29 billion, a PE ratio of 77.95, a price-to-earnings-growth ratio of 1.79 and a beta of 3.07.

Kinetik (NYSE:KNTK) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.20). Kinetik had a negative return on equity of 5.74% and a net margin of 6.70%.The company had revenue of $463.97 million for the quarter, compared to analysts’ expectations of $604.57 million. During the same quarter last year, the company earned $0.35 earnings per share. The company’s revenue for the quarter was up 17.1% compared to the same quarter last year.

Insider Buying and Selling at Kinetik

In other news, insider Jamie Welch bought 8,000 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The shares were purchased at an average cost of $34.57 per share, with a total value of $276,560.00. Following the transaction, the insider directly owned 3,687,791 shares in the company, valued at approximately $127,486,934.87. The trade was a 0.22% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.83% of the stock is owned by company insiders.

Institutional Trading of Kinetik

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bell Investment Advisors Inc acquired a new position in shares of Kinetik in the first quarter valued at about $41,000. Aster Capital Management DIFC Ltd purchased a new stake in Kinetik in the third quarter valued at approximately $54,000. Advisory Services Network LLC purchased a new stake in Kinetik in the third quarter valued at approximately $55,000. Chung Wu Investment Group LLC acquired a new position in Kinetik in the 2nd quarter worth approximately $56,000. Finally, Fifth Third Bancorp raised its position in Kinetik by 269.2% during the 3rd quarter. Fifth Third Bancorp now owns 1,569 shares of the company’s stock worth $67,000 after buying an additional 1,144 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.