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

Kinetik (NASDAQ:KNTK) had its target price lowered by investment analysts at Mizuho from $70.00 to $61.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s price target indicates a potential upside of 34.43% from the company’s current price.

KNTK has been the topic of a number of other research reports. US Capital Advisors raised Kinetik from a “hold” rating to a “moderate buy” rating in a research report on Monday, April 7th. Wells Fargo & Company decreased their price objective on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Scotiabank decreased their price objective on Kinetik from $57.00 to $54.00 and set a “sector outperform” rating for the company in a report on Monday, May 12th. Citigroup upgraded Kinetik from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $58.00 to $55.00 in a report on Tuesday. Finally, Royal Bank of Canada decreased their price objective on Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.11.

Kinetik Price Performance

Shares of NASDAQ:KNTK opened at $45.38 on Tuesday. The business’s fifty day moving average price is $46.04 and its two-hundred day moving average price is $54.38. Kinetik has a fifty-two week low of $37.85 and a fifty-two week high of $67.60. The stock has a market capitalization of $7.16 billion, a price-to-earnings ratio of 16.78, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.24). The company had revenue of $443.26 million during the quarter, compared to the consensus estimate of $466.54 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The business’s revenue was up 29.8% on a year-over-year basis. During the same quarter last year, the company earned $0.12 earnings per share. Research analysts expect that Kinetik will post 1.96 EPS for the current fiscal year.

Insider Activity

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of the transaction, the insider now owns 657,583 shares of the company’s stock, valued at $34,628,320.78. This represents a 61.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Kinetik

Institutional investors and hedge funds have recently made changes to their positions in the stock. Barclays PLC increased its stake in shares of Kinetik by 34.5% in the third quarter. Barclays PLC now owns 234,286 shares of the company’s stock valued at $10,603,000 after buying an additional 60,058 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Kinetik by 14,124.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company’s stock valued at $820,000 after buying an additional 13,842 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Kinetik by 12.5% in the fourth quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company’s stock valued at $27,675,000 after buying an additional 54,081 shares during the period. Jump Financial LLC increased its stake in shares of Kinetik by 73.8% in the fourth quarter. Jump Financial LLC now owns 41,880 shares of the company’s stock valued at $2,375,000 after buying an additional 17,778 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Kinetik by 54.1% during the 4th quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company’s stock valued at $13,794,000 after purchasing an additional 85,378 shares in the last quarter. 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.