Barclays Has Lowered Expectations for Kinetik (NASDAQ:KNTK) Stock Price

Kinetik (NASDAQ:KNTK - Free Report) had its price objective lowered by Barclays from $61.00 to $57.00 in a research report report published on Thursday,Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other research analysts have also issued reports on KNTK. Citigroup raised their price target on shares of 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. Scotiabank decreased their price objective on Kinetik from $64.00 to $62.00 and set a "sector outperform" rating for the company in a report on Tuesday, January 21st. JPMorgan Chase & Co. boosted their price target on shares of Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a report on Wednesday, January 15th. Finally, Wells Fargo & Company reduced 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. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $58.25.

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Kinetik Price Performance

KNTK stock traded down $1.75 during midday trading on Thursday, reaching $49.45. 1,550,704 shares of the company were exchanged, compared to its average volume of 593,303. The firm has a market capitalization of $7.79 billion, a price-to-earnings ratio of 18.25, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85. The business has a 50-day moving average price of $60.71 and a two-hundred day moving average price of $54.56. Kinetik has a one year low of $35.19 and a one year high of $67.60.

Kinetik Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were issued a dividend of $0.78 per share. The ex-dividend date was Monday, February 3rd. This represents a $3.12 annualized dividend and a dividend yield of 6.31%. Kinetik's dividend payout ratio (DPR) is 305.88%.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the company'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 value of $219,873,736.53. Following the completion of the sale, the insider now owns 1,044,520 shares of the company's stock, valued at approximately $58,106,647.60. This represents a 79.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.71% of the company's stock.

Hedge Funds Weigh In On Kinetik

Large investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC purchased a new stake in Kinetik in the third quarter valued at $3,558,000. Harbor Capital Advisors Inc. lifted its stake in Kinetik by 132.1% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 8,914 shares of the company's stock valued at $403,000 after buying an additional 5,073 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Kinetik by 73.4% during the third quarter. Van ECK Associates Corp now owns 24,527 shares of the company's stock worth $1,110,000 after purchasing an additional 10,384 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in shares of Kinetik in the third quarter valued at about $921,000. Finally, Covestor Ltd boosted its holdings in shares of Kinetik by 13,790.0% during the 3rd quarter. Covestor Ltd now owns 4,167 shares of the company's stock worth $189,000 after purchasing an additional 4,137 shares during the last quarter. 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.