Analysts Set Kinetik Holdings Inc. (NASDAQ:KNTK) Target Price at $59.75

Kinetik Holdings Inc. (NASDAQ:KNTK) has earned a consensus rating of “Moderate Buy” from the eight research firms that are covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $59.75.

A number of analysts have recently issued reports on KNTK shares. US Capital Advisors raised shares of Kinetik from a “hold” rating to a “moderate buy” rating in a research report on Monday, April 7th. Scotiabank dropped their price objective on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. 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, February 28th. Barclays boosted their price target on shares of Kinetik from $57.00 to $58.00 and gave the company an “equal weight” rating in a report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. increased their price objective on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 15th.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total value of $219,873,736.53. Following the sale, the insider now directly owns 1,044,520 shares of the company’s stock, valued at approximately $58,106,647.60. This trade represents a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.83% of the company’s stock.

Institutional Trading of Kinetik

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KNTK. Fifth Third Bancorp bought a new stake in shares of Kinetik in the fourth quarter valued at approximately $26,000. Canton Hathaway LLC acquired a new position in Kinetik during the 4th quarter valued at $28,000. 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 valued at $29,000 after purchasing an additional 213 shares during the period. Rialto Wealth Management LLC bought a new stake in Kinetik in the 4th quarter valued at $34,000. Finally, Comerica Bank grew its position in Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock worth $45,000 after purchasing an additional 195 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Trading Up 2.5 %

NASDAQ:KNTK opened at $41.82 on Friday. The business’s fifty day moving average price is $51.19 and its 200 day moving average price is $55.21. The firm has a market capitalization of $6.60 billion, a price-to-earnings ratio of 15.43, a PEG ratio of 1.52 and a beta of 2.68. Kinetik has a 1-year low of $37.65 and a 1-year high of $67.60.

Kinetik Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 2nd. Investors of record on Friday, April 25th will be issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 7.46%. The ex-dividend date of this dividend is Friday, April 25th. Kinetik’s dividend payout ratio is presently 305.88%.

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.