Kinetik (NASDAQ:KNTK) Given New $60.00 Price Target at Scotiabank

Kinetik (NASDAQ:KNTK - Free Report) had its price target cut by Scotiabank from $62.00 to $60.00 in a report issued on Thursday morning, MarketBeat Ratings reports. They currently have a sector outperform rating on the stock.

A number of other research firms have also recently issued reports on KNTK. Citigroup increased their price target on Kinetik from $54.00 to $58.00 and gave the stock a "neutral" rating in a report on Monday, December 16th. JPMorgan Chase & Co. boosted their price target 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. The Goldman Sachs Group raised their price objective on shares of Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Barclays decreased their target price on shares of Kinetik from $61.00 to $57.00 and set an "equal weight" rating for the company in a research report on Thursday. Finally, Wells Fargo & Company dropped their price target on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Friday, February 28th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $58.25.

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Kinetik Price Performance

NASDAQ KNTK traded down $2.32 during trading hours on Thursday, reaching $48.87. The company's stock had a trading volume of 434,542 shares, compared to its average volume of 589,161. Kinetik has a 52 week low of $35.19 and a 52 week high of $67.60. The stock has a market cap of $7.70 billion, a P/E ratio of 18.06, a P/E/G ratio of 1.52 and a beta of 2.85. The firm has a fifty day simple moving average of $60.71 and a 200-day simple moving average of $54.56.

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were given 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 6.38%. Kinetik's dividend payout ratio is currently 305.88%.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the completion of the transaction, the insider now directly owns 1,044,520 shares of the company's stock, valued at $58,106,647.60. This represents a 79.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.71% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Kinetik

Institutional investors and hedge funds have recently bought and sold shares of the company. Harbor Capital Advisors Inc. boosted its position in Kinetik by 2.0% during the fourth quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company's stock worth $515,000 after purchasing an additional 174 shares during the period. Comerica Bank lifted its stake in shares of Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after buying an additional 195 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Kinetik by 72.0% in the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company's stock worth $29,000 after buying an additional 213 shares during the period. Private Advisor Group LLC grew its stake in Kinetik by 5.3% in the 4th quarter. Private Advisor Group LLC now owns 8,859 shares of the company's stock valued at $502,000 after buying an additional 448 shares in the last quarter. Finally, Fifth Third Bancorp purchased a new position in Kinetik in the 4th quarter valued at approximately $26,000. 21.11% of the stock is 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.