Kinetik Holdings Inc. (NASDAQ:KNTK) Receives Average Rating of “Moderate Buy” from Brokerages

Kinetik Holdings Inc. (NASDAQ:KNTK) has received a consensus rating of “Moderate Buy” from the eight analysts that are presently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $59.75.

A number of research firms have recently weighed in on KNTK. Wells Fargo & Company dropped their price target on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. JPMorgan Chase & Co. lifted their price objective on Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 15th. US Capital Advisors raised Kinetik from a “hold” rating to a “moderate buy” rating in a report on Monday, April 7th. Royal Bank of Canada dropped their price target on Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Finally, Scotiabank cut their price objective on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 6th.

Kinetik Stock Performance

NASDAQ:KNTK opened at $43.73 on Friday. The firm has a market cap of $6.90 billion, a price-to-earnings ratio of 16.14, a P/E/G ratio of 1.52 and a beta of 2.68. Kinetik has a 52 week low of $37.65 and a 52 week high of $67.60. The firm’s 50-day simple moving average is $52.37 and its 200 day simple moving average is $55.26.

Kinetik Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 2nd. Stockholders of record on Friday, April 25th will be issued a $0.78 dividend. The ex-dividend date is Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.13%. Kinetik’s dividend payout ratio (DPR) is currently 305.88%.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the sale, the insider now owns 657,583 shares of the company’s stock, valued at $34,628,320.78. This trade represents a 61.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.71% of the stock is currently owned by insiders.

Institutional Trading of Kinetik

Several institutional investors have recently modified their holdings of the business. Harbor Capital Advisors Inc. grew its position in shares of Kinetik by 2.0% in the 4th quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company’s stock valued at $515,000 after buying an additional 174 shares during the last quarter. Comerica Bank increased its position in Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock valued at $45,000 after purchasing an additional 195 shares during the period. GAMMA Investing LLC raised its holdings in Kinetik by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after purchasing an additional 213 shares during the last quarter. Private Advisor Group LLC boosted its stake in shares of Kinetik by 5.3% in the 4th quarter. Private Advisor Group LLC now owns 8,859 shares of the company’s stock valued at $502,000 after purchasing an additional 448 shares during the last quarter. Finally, Fifth Third Bancorp acquired a new stake in shares of Kinetik during the fourth quarter worth $26,000. Institutional investors 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.