Kinetik (NASDAQ:KNTK) Trading 6.1% Higher - Here's What Happened

Kinetik Holdings Inc. (NASDAQ:KNTK - Get Free Report) shot up 6.1% on Friday . The stock traded as high as $58.75 and last traded at $59.45. 595,785 shares changed hands during trading, a decline of 19% from the average session volume of 738,979 shares. The stock had previously closed at $56.03.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on KNTK shares. The Goldman Sachs Group boosted 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 reduced their price objective on Kinetik from $64.00 to $62.00 and set a "sector outperform" rating on the stock in a research note on Tuesday, January 21st. JPMorgan Chase & Co. raised their target price on Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a research note on Wednesday, January 15th. Wells Fargo & Company cut their price target on Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a report on Friday. Finally, Citigroup increased their price objective on shares of Kinetik from $54.00 to $58.00 and gave the stock a "neutral" rating in a report on Monday, December 16th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $59.00.

Kinetik Price Performance

The firm has a 50 day moving average price of $61.05 and a 200-day moving average price of $54.29. The firm has a market cap of $8.64 billion, a price-to-earnings ratio of 20.24, a price-to-earnings-growth ratio of 1.52 and a beta of 2.89.

Kinetik Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were issued a $0.78 dividend. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $3.12 annualized dividend and a yield of 5.69%. Kinetik's dividend payout ratio is currently 305.88%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in KNTK. Westwood Holdings Group Inc. lifted its stake in Kinetik by 78.3% in the fourth quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company's stock valued at $61,429,000 after buying an additional 475,606 shares during the period. Pictet Asset Management Holding SA increased its stake in shares of Kinetik by 8,475.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company's stock valued at $24,442,000 after acquiring an additional 425,977 shares during the last quarter. Prudential Financial Inc. raised its position in shares of Kinetik by 391.1% in the 4th quarter. Prudential Financial Inc. now owns 392,343 shares of the company's stock valued at $22,250,000 after acquiring an additional 312,458 shares during the period. Merewether Investment Management LP boosted its stake in Kinetik by 56.6% during the 3rd quarter. Merewether Investment Management LP now owns 662,300 shares of the company's stock worth $29,976,000 after acquiring an additional 239,500 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Kinetik during the fourth quarter valued at approximately $11,241,000. 21.11% of the stock is currently owned by institutional investors.

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.