Kinetik Holdings Inc. (NASDAQ:KNTK) Receives $59.63 Consensus Target Price from Brokerages

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) have received an average recommendation of “Moderate Buy” from the eight analysts that are presently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $59.63.

A number of analysts recently commented on KNTK shares. Barclays decreased their price target on Kinetik from $61.00 to $57.00 and set an “equal weight” rating for the company in a research report on Thursday, March 6th. Royal Bank of Canada lowered their target price on Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company reduced their price target on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. The Goldman Sachs Group lifted their price objective on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Finally, JPMorgan Chase & Co. increased their target price on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 15th.

Kinetik Stock Down 0.7 %

Shares of NASDAQ:KNTK opened at $51.11 on Monday. The business’s 50 day moving average is $58.43 and its 200 day moving average is $55.49. Kinetik has a 12-month low of $37.65 and a 12-month high of $67.60. The stock has a market cap of $8.06 billion, a price-to-earnings ratio of 18.86, a PEG ratio of 1.52 and a beta of 2.85.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 6.10%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik’s payout ratio is 305.88%.

Insiders Place Their Bets

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the sale, the insider now owns 657,583 shares of the company’s stock, valued at $34,628,320.78. The trade was a 61.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 3.71% of the company’s stock.

Institutional Trading of Kinetik

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Kinetik by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company’s stock valued at $226,967,000 after acquiring an additional 72,760 shares during the period. Invesco Ltd. lifted its position in Kinetik by 3.0% during the fourth quarter. Invesco Ltd. now owns 1,247,843 shares of the company’s stock valued at $70,765,000 after purchasing an additional 36,362 shares during the period. Westwood Holdings Group Inc. boosted its holdings in Kinetik by 78.3% in the fourth quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company’s stock worth $61,429,000 after purchasing an additional 475,606 shares during the last quarter. Geode Capital Management LLC grew its position in Kinetik by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock worth $39,742,000 after purchasing an additional 13,644 shares during the period. Finally, Merewether Investment Management LP raised its stake in Kinetik by 56.6% during the 3rd quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock valued at $29,976,000 after buying an additional 239,500 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

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.