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

Kinetik Holdings Inc. (NASDAQ:KNTK) has received an average rating of “Moderate Buy” from the eight research firms that are currently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $59.63.

Several research analysts have issued reports on KNTK shares. Wells Fargo & Company reduced their target price on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. Scotiabank lowered their target price on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. The Goldman Sachs Group increased their price target on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. JPMorgan Chase & Co. raised their price target on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 15th. Finally, Citigroup upped their price objective on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th.

Kinetik Price Performance

Shares of KNTK stock opened at $51.11 on Monday. The firm has a market cap of $8.06 billion, a price-to-earnings ratio of 18.86, a P/E/G ratio of 1.52 and a beta of 2.85. The stock’s fifty day simple moving average is $58.43 and its 200 day simple moving average is $55.49. Kinetik has a one year low of $37.65 and a one year high of $67.60.

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 6.10%. The ex-dividend date was Monday, February 3rd. Kinetik’s dividend payout ratio (DPR) is currently 305.88%.

Insider Transactions at Kinetik

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 completion of the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.71% of the stock is currently owned by insiders.

Institutional Trading of Kinetik

Institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC acquired a new stake in Kinetik during the 4th quarter worth about $267,000. Tiptree Advisors LLC acquired a new stake in Kinetik during the fourth quarter worth approximately $5,387,000. Gould Capital LLC bought a new stake in Kinetik in the fourth quarter worth approximately $2,608,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Kinetik by 1.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,498 shares of the company’s stock valued at $3,544,000 after buying an additional 738 shares during the period. Finally, Wolverine Trading LLC boosted its holdings in shares of Kinetik by 122.2% during the 4th quarter. Wolverine Trading LLC now owns 10,889 shares of the company’s stock worth $616,000 after buying an additional 5,989 shares in the last quarter. 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.