Barclays Cuts Kinetik (NASDAQ:KNTK) Price Target to $57.00

Kinetik (NASDAQ:KNTK) had its target price cut by research analysts at Barclays from $61.00 to $57.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s target price suggests a potential upside of 11.30% from the stock’s current price.

KNTK has been the subject of a number of other reports. Scotiabank dropped their target price on Kinetik from $64.00 to $62.00 and set a “sector outperform” rating for the company in a report on Tuesday, January 21st. Citigroup increased their target price on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. The Goldman Sachs Group increased their target price on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Wells Fargo & Company dropped their target price on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. increased their target price on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 15th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $58.25.

Kinetik Trading Up 0.1 %

Shares of KNTK opened at $51.21 on Thursday. Kinetik has a 1 year low of $35.19 and a 1 year high of $67.60. The stock has a 50 day simple moving average of $60.81 and a 200-day simple moving average of $54.35. The stock has a market cap of $8.07 billion, a PE ratio of 18.90, a PEG ratio of 1.52 and a beta of 2.85.

Insider Activity at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total value of $219,873,736.53. Following the completion of the sale, the insider now directly owns 1,044,520 shares of the company’s stock, valued at approximately $58,106,647.60. This trade represents a 79.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.71% of the company’s stock.

Institutional Investors Weigh In On Kinetik

Hedge funds and other institutional investors have recently made changes to their positions in the company. Fifth Third Bancorp acquired a new stake in shares of Kinetik in the 4th quarter valued at $26,000. Canton Hathaway LLC acquired a new stake in shares of Kinetik in the 4th quarter valued at $28,000. GAMMA Investing LLC increased its stake in shares of Kinetik by 72.0% in the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after buying an additional 213 shares during the period. Rialto Wealth Management LLC acquired a new stake in shares of Kinetik in the 4th quarter valued at $34,000. Finally, Comerica Bank increased its stake in shares of Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock valued at $45,000 after buying an additional 195 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

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.