Kinetik (NYSE:KNTK) Hits New 12-Month Low After Analyst Downgrade

Kinetik Holdings Inc. (NYSE:KNTK)’s share price reached a new 52-week low on Thursday after Scotiabank lowered their price target on the stock from $51.00 to $45.00. Scotiabank currently has a sector outperform rating on the stock. Kinetik traded as low as $33.81 and last traded at $34.15, with a volume of 141699 shares trading hands. The stock had previously closed at $33.86.

Several other analysts also recently weighed in on the company. Barclays cut their price target on Kinetik from $43.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. The Goldman Sachs Group set a $46.00 target price on shares of Kinetik in a report on Tuesday, October 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a report on Wednesday, October 8th. Wolfe Research restated an “outperform” rating and issued a $42.00 price objective on shares of Kinetik in a report on Friday, November 7th. Finally, Zacks Research upgraded Kinetik from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 13th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.30.

Insider Buying and Selling

In other Kinetik news, insider Jamie Welch acquired 8,000 shares of the stock in a transaction dated Monday, November 10th. The stock was purchased at an average price of $34.57 per share, with a total value of $276,560.00. Following the transaction, the insider directly owned 3,687,791 shares of the company’s stock, valued at $127,486,934.87. This trade represents a 0.22% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.83% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Kinetik

Hedge funds have recently bought and sold shares of the company. Bell Investment Advisors Inc purchased a new position in Kinetik in the 1st quarter valued at $41,000. Nisa Investment Advisors LLC increased its stake in shares of Kinetik by 141.6% during the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company’s stock worth $59,000 after acquiring an additional 664 shares during the period. Aster Capital Management DIFC Ltd purchased a new position in Kinetik during the third quarter worth about $54,000. Chung Wu Investment Group LLC acquired a new stake in Kinetik in the second quarter valued at about $56,000. Finally, Comerica Bank boosted its holdings in Kinetik by 91.5% in the 1st quarter. Comerica Bank now owns 1,532 shares of the company’s stock valued at $80,000 after purchasing an additional 732 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Stock Performance

The company has a market cap of $5.60 billion, a price-to-earnings ratio of 82.48, a PEG ratio of 1.79 and a beta of 3.07. The company has a 50-day simple moving average of $39.43 and a 200-day simple moving average of $41.58.

Kinetik (NYSE:KNTK) last announced 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 business had revenue of $463.97 million for the quarter, compared to analyst estimates of $604.57 million. During the same period in the prior year, the company earned $0.35 EPS. The company’s revenue was up 17.1% on a year-over-year basis.

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.