Kinetik Holdings Inc. (NASDAQ:KNTK) Given Consensus Recommendation of “Moderate Buy” by Brokerages

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

Several research analysts have recently weighed in on KNTK shares. Wells Fargo & Company reduced their price objective on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. Barclays upped their price target on Kinetik from $57.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Wednesday. The Goldman Sachs Group lifted their price objective on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Scotiabank reduced 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. Finally, Royal Bank of Canada lowered their price target on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th.

Kinetik Trading Up 0.9 %

KNTK opened at $43.73 on Friday. The firm’s fifty day simple moving average is $52.37 and its 200 day simple moving average is $55.26. The stock has a market capitalization of $6.90 billion, a P/E ratio of 16.14, a P/E/G ratio of 1.52 and a beta of 2.68. Kinetik has a 12 month low of $37.65 and a 12 month high of $67.60.

Kinetik Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 2nd. Stockholders of record on Friday, April 25th will be paid a dividend of $0.78 per share. The ex-dividend date of this dividend is Friday, April 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.13%. Kinetik’s dividend payout ratio is presently 305.88%.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the transaction, the insider now directly owns 1,044,520 shares of the company’s stock, valued at approximately $58,106,647.60. The trade was a 79.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.71% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Kinetik

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp acquired a new stake in shares of Kinetik during the 4th quarter worth about $26,000. Canton Hathaway LLC bought a new position in Kinetik in the 4th quarter valued at about $28,000. GAMMA Investing LLC lifted its position in Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after acquiring an additional 213 shares during the last quarter. Rialto Wealth Management LLC bought a new stake in shares of Kinetik during the fourth quarter worth approximately $34,000. Finally, Comerica Bank grew its position in shares of Kinetik by 32.2% in the fourth quarter. Comerica Bank now owns 800 shares of the company’s stock valued at $45,000 after purchasing an additional 195 shares during the last quarter. 21.11% of the stock is owned by institutional investors.

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.