Brokerages Set Kinetik Holdings Inc. (NASDAQ:KNTK) PT at $59.25

Kinetik Holdings Inc. (NASDAQ:KNTK - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the eight analysts that are presently covering the company, MarketBeat.com 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 1-year target price among brokerages that have updated their coverage on the stock in the last year is $59.00.

A number of research firms recently issued reports on KNTK. The Goldman Sachs Group upped their target price on Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Scotiabank cut their price target on Kinetik from $64.00 to $62.00 and set a "sector outperform" rating for the company in a report on Tuesday, January 21st. Citigroup boosted their price objective on shares of Kinetik from $54.00 to $58.00 and gave the company a "neutral" rating in a research note on Monday, December 16th. JPMorgan Chase & Co. raised their target price on shares of Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a research note on Wednesday, January 15th. Finally, Wells Fargo & Company decreased their target price on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a research note on Friday.

Kinetik Trading Up 4.2 %

Shares of NASDAQ:KNTK traded up $2.36 during midday trading on Thursday, hitting $58.39. 1,289,423 shares of the stock were exchanged, compared to its average volume of 757,167. The company has a 50 day moving average price of $61.07 and a 200-day moving average price of $54.11. The stock has a market cap of $9.20 billion, a P/E ratio of 21.55, a PEG ratio of 1.52 and a beta of 2.89. Kinetik has a twelve month low of $33.76 and a twelve month high of $67.60.

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 5.34%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik's dividend payout ratio (DPR) is currently 305.88%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Versor Investments LP bought a new position in Kinetik during the 3rd quarter valued at about $543,000. Barclays PLC increased its position in Kinetik by 34.5% in the 3rd quarter. Barclays PLC now owns 234,286 shares of the company's stock valued at $10,603,000 after acquiring an additional 60,058 shares in the last quarter. Principal Financial Group Inc. bought a new position in shares of Kinetik in the third quarter worth about $921,000. Eos Management L.P. lifted its position in shares of Kinetik by 84.9% during the third quarter. Eos Management L.P. now owns 27,000 shares of the company's stock worth $1,222,000 after purchasing an additional 12,400 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Kinetik by 14,124.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company's stock valued at $820,000 after purchasing an additional 13,842 shares during the last quarter. 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.