Kinetik (NASDAQ:KNTK) Coverage Initiated at Scotiabank

by · The Markets Daily

Equities research analysts at Scotiabank assumed coverage on shares of Kinetik (NASDAQ:KNTK – Get Free Report) in a note issued to investors on Friday, Marketbeat reports. The brokerage set a “sector outperform” rating and a $64.00 price target on the stock. Scotiabank’s price objective would indicate a potential upside of 7.26% from the stock’s previous close.

Several other equities analysts also recently commented on KNTK. Citigroup boosted their price objective on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. The Goldman Sachs Group lifted their price objective on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Royal Bank of Canada upped their target price on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company lifted their price target on shares of Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Finally, Barclays increased their price objective on shares of Kinetik from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.00.

View Our Latest Analysis on Kinetik

Kinetik Stock Performance

Shares of Kinetik stock opened at $59.67 on Friday. The stock’s fifty day moving average is $57.18 and its 200 day moving average is $48.95. Kinetik has a one year low of $31.73 and a one year high of $62.55. The stock has a market cap of $9.40 billion, a P/E ratio of 22.02, a P/E/G ratio of 2.85 and a beta of 2.91.

Kinetik (NASDAQ:KNTK – Get Free Report) last released its earnings results on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.10). The firm had revenue of $396.40 million during the quarter, compared to analysts’ expectations of $331.21 million. Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company’s revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.21 earnings per share. Analysts predict that Kinetik will post 1.35 EPS for the current year.

Institutional Investors Weigh In On Kinetik

Several hedge funds and other institutional investors have recently modified their holdings of KNTK. Versor Investments LP purchased a new stake in shares of Kinetik in the third quarter valued at approximately $543,000. Barclays PLC lifted its holdings in shares of Kinetik by 34.5% during the 3rd quarter. Barclays PLC now owns 234,286 shares of the company’s stock valued at $10,603,000 after purchasing an additional 60,058 shares during the last quarter. Principal Financial Group Inc. purchased a new position in shares of Kinetik in the 3rd quarter valued at approximately $921,000. Eos Management L.P. boosted its position in Kinetik by 84.9% in the third quarter. Eos Management L.P. now owns 27,000 shares of the company’s stock valued at $1,222,000 after buying an additional 12,400 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Kinetik by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock worth $39,742,000 after buying an additional 13,644 shares during the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

About Kinetik

(Get Free Report)

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.

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