Kinetik (NASDAQ:KNTK) Shares Gap Down - Here's Why

Kinetik Holdings Inc. (NASDAQ:KNTK - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $58.43, but opened at $55.09. Kinetik shares last traded at $54.41, with a volume of 441,898 shares.

Analyst Ratings Changes

KNTK has been the topic of several research reports. Wells Fargo & Company cut their target price on Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Friday. Citigroup increased their target price on Kinetik from $54.00 to $58.00 and gave the stock a "neutral" rating in a research report on Monday, December 16th. Barclays increased their target price on Kinetik from $47.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Monday, January 13th. 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 research report on Thursday, December 19th. Finally, Scotiabank cut their target price on Kinetik from $64.00 to $62.00 and set a "sector outperform" rating on the stock in a research report on Tuesday, January 21st. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Kinetik has an average rating of "Moderate Buy" and a consensus target price of $59.00.

Kinetik Stock Performance

The stock has a market capitalization of $8.95 billion, a price-to-earnings ratio of 20.96, a P/E/G ratio of 1.52 and a beta of 2.89. The firm has a fifty day moving average of $61.07 and a 200-day moving average of $54.20.

Kinetik Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were paid 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 5.49%. Kinetik's dividend payout ratio is presently 305.88%.

Institutional Trading of Kinetik

Several large investors have recently modified their holdings of the business. Tiptree Advisors LLC acquired a new stake in shares of Kinetik during the fourth quarter valued at about $5,387,000. Gould Capital LLC bought a new position in shares of Kinetik during the fourth quarter worth about $2,608,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Kinetik by 1.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,498 shares of the company's stock worth $3,544,000 after purchasing an additional 738 shares during the last quarter. Wolverine Trading LLC lifted its position in shares of Kinetik by 122.2% during the fourth quarter. Wolverine Trading LLC now owns 10,889 shares of the company's stock worth $616,000 after purchasing an additional 5,989 shares during the last quarter. Finally, Voloridge Investment Management LLC lifted its position in shares of Kinetik by 124.8% during the fourth quarter. Voloridge Investment Management LLC now owns 140,717 shares of the company's stock worth $7,980,000 after purchasing an additional 78,113 shares during the last quarter. 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. 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.