Kinetik Holdings Inc. (NASDAQ:KNTK) Given Average Recommendation of "Moderate Buy" by Brokerages

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the eight research firms that are presently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $59.75.

Several analysts have weighed in on the company. Scotiabank lowered their target price on Kinetik from $62.00 to $60.00 and set a "sector outperform" rating on the stock in a report on Thursday, March 6th. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. Royal Bank of Canada reduced their target price on Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Barclays raised their price objective on Kinetik from $57.00 to $58.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 16th. Finally, Wells Fargo & Company cut their price objective on Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th.

Kinetik Trading Up 3.2 %

Shares of NASDAQ KNTK traded up $1.35 during midday trading on Friday, reaching $43.19. 22,862 shares of the company were exchanged, compared to its average volume of 606,356. Kinetik has a 1 year low of $37.65 and a 1 year high of $67.60. The stock has a fifty day simple moving average of $51.19 and a 200 day simple moving average of $55.21. The stock has a market cap of $6.81 billion, a P/E ratio of 15.94, a PEG ratio of 1.52 and a beta of 2.68.

Kinetik Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 2nd. Investors 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 annualized dividend and a yield of 7.22%. Kinetik's dividend payout ratio is presently 305.88%.

Insider Activity at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the sale, the insider now directly owns 657,583 shares of the company's stock, valued at approximately $34,628,320.78. This represents a 61.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.83% of the stock is currently owned by corporate insiders.

Institutional Trading of Kinetik

A number of institutional investors and hedge funds have recently modified their holdings of KNTK. Stifel Financial Corp acquired a new stake in shares of Kinetik during the third quarter worth $202,000. Barclays PLC raised its holdings in shares of Kinetik by 34.5% during the third quarter. Barclays PLC now owns 234,286 shares of the company's stock worth $10,603,000 after purchasing an additional 60,058 shares during the period. Geode Capital Management LLC raised its holdings in shares of Kinetik by 1.6% during the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company's stock worth $39,742,000 after purchasing an additional 13,644 shares during the period. Principal Financial Group Inc. bought a new position in shares of Kinetik during the third quarter worth about $921,000. Finally, JPMorgan Chase & Co. grew its position in shares of Kinetik by 53.5% during the third quarter. JPMorgan Chase & Co. now owns 157,858 shares of the company's stock worth $7,145,000 after acquiring an additional 55,050 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.