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

Kinetik Holdings Inc. (NASDAQ:KNTK) has earned a consensus rating of “Moderate Buy” from the eight analysts that are currently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $59.63.

Several research firms recently weighed in on KNTK. The Goldman Sachs Group boosted their target price on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Barclays decreased their price objective on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating for the company in a report on Thursday, March 6th. Wells Fargo & Company lowered 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. Royal Bank of Canada cut their target price on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Finally, Scotiabank lowered their price target on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the sale, the insider now directly owns 657,583 shares in the company, valued at approximately $34,628,320.78. The trade was a 61.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.71% of the stock is owned by company insiders.

Institutional Investors Weigh In On Kinetik

A number of institutional investors have recently bought and sold shares of the business. Barclays PLC lifted its holdings in shares of Kinetik by 34.5% during the 3rd quarter. Barclays PLC now owns 234,286 shares of the company’s stock worth $10,603,000 after acquiring an additional 60,058 shares during the period. Principal Financial Group Inc. bought a new position in Kinetik during the third quarter worth about $921,000. Allspring Global Investments Holdings LLC boosted its holdings in Kinetik by 14,124.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company’s stock valued at $820,000 after purchasing an additional 13,842 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Kinetik by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock valued at $39,742,000 after purchasing an additional 13,644 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Kinetik by 53.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 157,858 shares of the company’s stock valued at $7,145,000 after purchasing an additional 55,050 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Price Performance

Shares of NASDAQ:KNTK opened at $52.61 on Monday. The stock has a market capitalization of $8.30 billion, a P/E ratio of 19.41, a P/E/G ratio of 1.52 and a beta of 2.85. The business has a 50-day moving average of $58.98 and a two-hundred day moving average of $55.30. Kinetik has a fifty-two week low of $37.65 and a fifty-two week high of $67.60.

Kinetik Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $3.12 annualized dividend and a dividend yield of 5.93%. Kinetik’s payout ratio is 305.88%.

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.