Kinetik (NASDAQ:KNTK) Shares Gap Down – Here’s Why

Kinetik Holdings Inc. (NASDAQ:KNTK) shares gapped down prior to trading on Thursday . The stock had previously closed at $58.43, but opened at $55.09. Kinetik shares last traded at $54.41, with a volume of 441,898 shares.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on KNTK. Barclays lifted their price target on Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a research report on Monday, January 13th. The Goldman Sachs Group boosted their price target 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. Scotiabank reduced their price objective on shares of Kinetik from $64.00 to $62.00 and set a “sector outperform” rating for the company in a research report on Tuesday, January 21st. JPMorgan Chase & Co. lifted their price objective on shares of Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 15th. Finally, Wells Fargo & Company cut their target price on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Friday. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Kinetik has an average rating of “Moderate Buy” and a consensus price target of $59.00.

Kinetik Price Performance

The firm’s fifty day simple moving average is $61.05 and its 200 day simple moving average is $53.90. The company has a market capitalization of $9.20 billion, a price-to-earnings ratio of 21.55, a PEG ratio of 1.52 and a beta of 2.89.

Kinetik Dividend Announcement

The company also recently disclosed 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 5.34%. The ex-dividend date was Monday, February 3rd. Kinetik’s dividend payout ratio is 115.13%.

Institutional Trading of Kinetik

Several large investors have recently added to or reduced their stakes in the company. Tiptree Advisors LLC purchased a new position in shares of Kinetik during the fourth quarter valued at $5,387,000. Gould Capital LLC acquired a new stake in Kinetik during the 4th quarter worth about $2,608,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Kinetik by 1.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,498 shares of the company’s stock worth $3,544,000 after acquiring an additional 738 shares during the period. Wolverine Trading LLC grew its stake in Kinetik by 122.2% during the 4th quarter. Wolverine Trading LLC now owns 10,889 shares of the company’s stock valued at $616,000 after acquiring an additional 5,989 shares in the last quarter. Finally, Voloridge Investment Management LLC increased its holdings in shares of Kinetik by 124.8% in the 4th quarter. Voloridge Investment Management LLC now owns 140,717 shares of the company’s stock valued at $7,980,000 after purchasing an additional 78,113 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

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.