Kinetik (NASDAQ:KNTK) PT Lowered to $34.00

Kinetik (NASDAQ:KNTK – Get Rating) had its price objective dropped by analysts at Citigroup from $35.00 to $34.00 in a report issued on Tuesday, The Fly reports. Citigroup’s price target would indicate a potential upside of 6.42% from the company’s current price.

A number of other equities research analysts also recently issued reports on the company. Mizuho reduced their price target on Kinetik from $40.00 to $37.00 and set a “buy” rating on the stock in a research report on Monday, February 27th. Morgan Stanley reduced their price target on Kinetik from $44.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Monday, January 9th. Finally, Scotiabank started coverage on Kinetik in a report on Thursday, March 2nd. They issued a “sector perform” rating and a $34.00 target price on the stock. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $38.13.

Kinetik Price Performance

Shares of NASDAQ:KNTK opened at $31.95 on Tuesday. The company has a market capitalization of $4.39 billion, a P/E ratio of 21.55, a P/E/G ratio of 0.32 and a beta of 2.64. Kinetik has a 1 year low of $27.80 and a 1 year high of $44.99. The business’s 50 day simple moving average is $30.67 and its 200 day simple moving average is $33.18.

Insider Activity at Kinetik

In related news, insider Anne Psencik sold 10,000 shares of the firm’s stock in a transaction on Wednesday, March 8th. The stock was sold at an average price of $31.48, for a total transaction of $314,800.00. Following the sale, the insider now owns 178,982 shares of the company’s stock, valued at approximately $5,634,353.36. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.51% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Kinetik

Several hedge funds have recently modified their holdings of KNTK. Blackstone Inc. acquired a new stake in shares of Kinetik during the 3rd quarter valued at $89,135,000. Neuberger Berman Group LLC bought a new position in Kinetik during the 3rd quarter worth $68,177,000. Vanguard Group Inc. bought a new position in Kinetik during the 3rd quarter worth $50,663,000. BlackRock Inc. bought a new position in Kinetik during the 3rd quarter worth $47,428,000. Finally, Kayne Anderson Capital Advisors LP bought a new position in Kinetik during the 3rd quarter worth $19,590,000.

About Kinetik

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Kinetik Holdings, Inc provides oil and gas production and distribution services. It also provides comprehensive 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 Houston, TX.