Kinetik Holdings Inc. (NASDAQ:KNTK) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Kinetik Holdings Inc. (NASDAQ:KNTK) have been assigned a consensus rating of “Moderate Buy” from the eight analysts that are presently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $59.00.

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 15th. Scotiabank reduced their price objective on Kinetik from $64.00 to $62.00 and set a “sector outperform” rating for the company in a research report on Tuesday, January 21st. Citigroup upped their target price on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Barclays raised their price target on Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. Finally, Wells Fargo & Company dropped their target price on Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a report on Friday.

Institutional Investors Weigh In On Kinetik

Hedge funds have recently made changes to their positions in the company. Tiptree Advisors LLC purchased a new stake in shares of Kinetik in the fourth quarter worth approximately $5,387,000. Gould Capital LLC acquired a new stake in shares of Kinetik in the fourth quarter worth $2,608,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted 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 last quarter. Wolverine Trading LLC boosted 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 purchasing an additional 5,989 shares during the period. Finally, Voloridge Investment Management LLC boosted its position in shares of Kinetik by 124.8% in the fourth quarter. Voloridge Investment Management LLC now owns 140,717 shares of the company’s stock valued at $7,980,000 after acquiring an additional 78,113 shares during the period. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Stock Performance

Shares of NASDAQ KNTK opened at $56.79 on Thursday. The stock’s 50-day simple moving average is $61.07 and its 200-day simple moving average is $54.20. Kinetik has a 1 year low of $34.27 and a 1 year high of $67.60. The firm has a market cap of $8.95 billion, a price-to-earnings ratio of 20.96, a PEG ratio of 1.52 and a beta of 2.89.

Kinetik Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were issued a dividend of $0.78 per share. The ex-dividend date was Monday, February 3rd. This represents a $3.12 annualized dividend and a yield of 5.49%. Kinetik’s payout ratio is presently 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.