Kinetik (NASDAQ:KNTK) Trading Up 3.3%

Shares of Kinetik Holdings Inc. (NASDAQ:KNTKGet Rating) traded up 3.3% on Tuesday . The company traded as high as $33.66 and last traded at $33.09. 138,572 shares were traded during mid-day trading, a decline of 50% from the average session volume of 279,561 shares. The stock had previously closed at $32.04.

Analyst Upgrades and Downgrades

A number of research firms recently commented on KNTK. JPMorgan Chase & Co. assumed coverage on Kinetik in a report on Friday, October 7th. They set a “neutral” rating and a $42.00 target price for the company. Morgan Stanley cut their price objective on shares of Kinetik from $46.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 19th. The Goldman Sachs Group began coverage on shares of Kinetik in a research report on Thursday, October 6th. They set a “neutral” rating and a $37.00 target price for the company. Finally, Mizuho cut their price target on Kinetik from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, October 25th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Kinetik currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.50.

Kinetik Price Performance

The business’s 50-day simple moving average is $35.04 and its two-hundred day simple moving average is $36.83.

Kinetik (NASDAQ:KNTKGet Rating) last released its quarterly earnings results on Wednesday, November 9th. The company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.41. The business had revenue of $325.18 million during the quarter, compared to analyst estimates of $280.71 million. Sell-side analysts expect that Kinetik Holdings Inc. will post 2.04 EPS for the current year.

Kinetik Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 17th. Stockholders of record on Monday, November 7th were paid a dividend of $0.75 per share. The ex-dividend date was Friday, November 4th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 9.07%.

Insider Activity at Kinetik

In other news, COO Matthew Wall sold 8,830 shares of Kinetik stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $40.48, for a total value of $357,438.40. Following the sale, the chief operating officer now directly owns 420,716 shares of the company’s stock, valued at $17,030,583.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO Matthew Wall sold 8,830 shares of the firm’s stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $40.48, for a total value of $357,438.40. Following the transaction, the chief operating officer now directly owns 420,716 shares of the company’s stock, valued at $17,030,583.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jamie Welch purchased 5,684 shares of the stock in a transaction that occurred on Friday, September 30th. The shares were acquired at an average price of $32.97 per share, for a total transaction of $187,401.48. Following the completion of the transaction, the insider now directly owns 2,894,053 shares of the company’s stock, valued at approximately $95,416,927.41. The disclosure for this purchase can be found here. 3.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Kinetik

A number of institutional investors have recently added to or reduced their stakes in KNTK. Blackstone Inc. acquired a new position in Kinetik in the 3rd quarter valued at about $89,135,000. Neuberger Berman Group LLC purchased a new stake in shares of Kinetik during the 3rd quarter valued at approximately $68,177,000. Vanguard Group Inc. acquired a new position in Kinetik in the third quarter valued at approximately $50,663,000. BlackRock Inc. purchased a new position in Kinetik in the third quarter worth approximately $47,428,000. Finally, Kayne Anderson Capital Advisors LP acquired a new stake in Kinetik during the third quarter worth $19,590,000.

About Kinetik

(Get Rating)

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.

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