Kinetik (NYSE:KNTK) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of Kinetik (NYSE:KNTK) from a sell rating to a hold rating in a research note released on Monday.

Several other equities research analysts have also recently commented on the company. UBS Group initiated coverage on Kinetik in a research note on Tuesday, April 29th. They issued a “neutral” rating and a $49.00 target price for the company. Barclays set a $48.00 price target on Kinetik and gave the company an “equal weight” rating in a report on Tuesday, May 20th. Scotiabank boosted their price objective on Kinetik from $54.00 to $57.00 and gave the stock a “sector outperform” rating in a report on Thursday, June 5th. Royal Bank of Canada reduced their target price on shares of Kinetik from $57.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, May 30th. Finally, Mizuho lowered their price target on shares of Kinetik from $70.00 to $61.00 and set an “outperform” rating for the company in a research report on Tuesday, May 20th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $56.56.

Kinetik Trading Down 1.8%

KNTK opened at $43.28 on Monday. Kinetik has a 1-year low of $37.85 and a 1-year high of $67.60. The stock has a market capitalization of $6.84 billion, a PE ratio of 45.56 and a beta of 3.05. The firm has a 50-day moving average price of $43.66 and a two-hundred day moving average price of $53.12.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.24). The firm had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. During the same quarter in the prior year, the business earned $0.12 earnings per share. Kinetik’s revenue was up 29.8% compared to the same quarter last year.

Kinetik Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were given a $0.78 dividend. The ex-dividend date was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.21%. Kinetik’s dividend payout ratio is 328.42%.

Insider Buying and Selling

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of Kinetik stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the transaction, the insider now owns 1 shares in the company, valued at $44.16. The trade was a 100.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.83% of the stock is owned by insiders.

Institutional Trading of Kinetik

Hedge funds have recently bought and sold shares of the stock. Zimmer Partners LP bought a new position in Kinetik in the first quarter valued at approximately $102,124,000. Westwood Holdings Group Inc. increased its position in shares of Kinetik by 78.3% during the fourth quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company’s stock worth $61,429,000 after acquiring an additional 475,606 shares in the last quarter. Pictet Asset Management Holding SA raised its holdings in shares of Kinetik by 8,475.5% during the fourth quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company’s stock worth $24,442,000 after acquiring an additional 425,977 shares during the period. HITE Hedge Asset Management LLC bought a new stake in Kinetik in the 1st quarter valued at $18,608,000. Finally, Prudential Financial Inc. boosted its stake in Kinetik by 391.1% in the 4th quarter. Prudential Financial Inc. now owns 392,343 shares of the company’s stock worth $22,250,000 after purchasing an additional 312,458 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Company Profile

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.