Royal Bank of Canada Lowers Kinetik (NASDAQ:KNTK) Price Target to $63.00

Kinetik (NASDAQ:KNTK) had its price target decreased by stock analysts at Royal Bank of Canada from $67.00 to $63.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 22.97% from the stock’s current price.

Several other research analysts also recently issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 15th. Wells Fargo & Company cut their target price on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. The Goldman Sachs Group increased their price target on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Scotiabank cut their target price on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 6th. Finally, Citigroup boosted their target price on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Kinetik presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.63.

Kinetik Stock Down 1.4 %

Shares of KNTK stock traded down $0.72 during trading hours on Thursday, reaching $51.23. 371,097 shares of the company’s stock were exchanged, compared to its average volume of 600,151. The business has a fifty day moving average price of $60.36 and a 200-day moving average price of $54.64. The stock has a market capitalization of $8.08 billion, a P/E ratio of 18.91, a P/E/G ratio of 1.52 and a beta of 2.85. Kinetik has a fifty-two week low of $35.19 and a fifty-two week high of $67.60.

Insider Buying and Selling

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total transaction 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 $58,106,647.60. The trade was a 79.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 3.71% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Tiptree Advisors LLC bought a new stake in Kinetik in the fourth quarter valued at about $5,387,000. Gould Capital LLC bought a new position in Kinetik during the 4th quarter worth approximately $2,608,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Kinetik by 1.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,498 shares of the company’s stock worth $3,544,000 after acquiring an additional 738 shares during the last quarter. Wolverine Trading LLC grew its holdings in Kinetik by 122.2% during the fourth quarter. Wolverine Trading LLC now owns 10,889 shares of the company’s stock valued at $616,000 after purchasing an additional 5,989 shares during the period. Finally, Voloridge Investment Management LLC increased its stake in Kinetik by 124.8% in the fourth quarter. Voloridge Investment Management LLC now owns 140,717 shares of the company’s stock valued at $7,980,000 after purchasing an additional 78,113 shares in 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. 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.