Brokerages Set Kinetik Holdings Inc. (NASDAQ:KNTK) Target Price at $59.63

Kinetik Holdings Inc. (NASDAQ:KNTK) has been assigned a consensus recommendation of “Moderate Buy” from the eight brokerages that are presently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $59.63.

A number of equities analysts have commented on the stock. Citigroup boosted their target price on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. 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 report on Friday, February 28th. JPMorgan Chase & Co. lifted their price target on shares of Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 15th. Scotiabank decreased their price objective on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. Finally, 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 research note on Thursday, December 19th.

Kinetik Trading Down 0.7 %

KNTK opened at $51.11 on Monday. Kinetik has a 12 month low of $37.65 and a 12 month high of $67.60. The stock has a fifty day moving average price of $58.43 and a 200-day moving average price of $55.33. The firm has a market cap of $8.06 billion, a price-to-earnings ratio of 18.86, a PEG ratio of 1.52 and a beta of 2.85.

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 6.10%. The ex-dividend date was Monday, February 3rd. Kinetik’s payout ratio is 305.88%.

Insiders Place Their Bets

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $52.66, for a total value of $55,004,370.54. Following the transaction, the insider now owns 657,583 shares in the company, valued at approximately $34,628,320.78. This represents a 61.37 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.71% of the stock is currently owned by insiders.

Institutional Trading of Kinetik

Several large investors have recently made changes to their positions in the business. Fifth Third Bancorp acquired a new position in Kinetik during the fourth quarter valued at $26,000. Canton Hathaway LLC purchased a new position in shares of Kinetik during the 4th quarter valued at about $28,000. GAMMA Investing LLC raised its stake in shares of Kinetik by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after buying an additional 213 shares during the last quarter. Rialto Wealth Management LLC acquired a new position in shares of Kinetik in the 4th quarter valued at about $34,000. Finally, Comerica Bank boosted its stake in shares of Kinetik by 32.2% in the fourth quarter. Comerica Bank now owns 800 shares of the company’s stock worth $45,000 after buying an additional 195 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.