Kinetik (NASDAQ:KNTK) Raised to Moderate Buy at US Capital Advisors

US Capital Advisors upgraded shares of Kinetik (NASDAQ:KNTK) from a hold rating to a moderate buy rating in a research note published on Monday,Zacks.com reports.

KNTK has been the subject of a number of other research reports. The Goldman Sachs Group lifted their price objective on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Barclays lowered their price target on Kinetik from $61.00 to $57.00 and set an “equal weight” rating for the company in a report on Thursday, March 6th. Citigroup lifted their price target on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Royal Bank of Canada lowered their price target on Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Finally, Wells Fargo & Company lowered 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, February 28th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.63.

Kinetik Trading Up 7.2 %

Kinetik stock opened at $45.05 on Monday. The stock has a market cap of $7.11 billion, a PE ratio of 16.62, a P/E/G ratio of 1.52 and a beta of 2.68. The stock has a 50-day moving average price of $54.84 and a 200 day moving average price of $55.45. Kinetik has a 52 week low of $37.65 and a 52 week high of $67.60.

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Investors 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 dividend on an annualized basis and a yield of 6.93%. Kinetik’s dividend payout ratio (DPR) is 305.88%.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of the sale, the insider now owns 657,583 shares of the company’s stock, valued at $34,628,320.78. This represents a 61.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.71% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Kinetik

Several institutional investors and hedge funds have recently modified their holdings of the stock. Chickasaw Capital Management LLC boosted its position in shares of Kinetik by 0.8% in the first quarter. Chickasaw Capital Management LLC now owns 622,388 shares of the company’s stock worth $32,327,000 after buying an additional 4,732 shares during the period. GAMMA Investing LLC boosted its position in shares of Kinetik by 5,716.5% in the first quarter. GAMMA Investing LLC now owns 29,606 shares of the company’s stock worth $1,538,000 after buying an additional 29,097 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Kinetik in the fourth quarter worth about $267,000. Tiptree Advisors LLC purchased a new stake in shares of Kinetik in the fourth quarter worth about $5,387,000. Finally, Gould Capital LLC acquired a new position in shares of Kinetik in the fourth quarter worth about $2,608,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

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.