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Brokerages Set Kinetik Holdings Inc. (NYSE:KNTK) PT at $56.56

Kinetik logo with Energy background

Shares of Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the nine ratings firms that are presently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $56.56.

Several research firms have recently weighed in on KNTK. Scotiabank boosted their target price on shares of Kinetik from $54.00 to $57.00 and gave the stock a "sector outperform" rating in a research report on Thursday, June 5th. Barclays set a $48.00 target price on Kinetik and gave the stock an "equal weight" rating in a report on Tuesday, May 20th. UBS Group initiated coverage on Kinetik in a report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target for the company. Royal Bank Of Canada reduced their price objective on Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a research note on Friday, May 30th. Finally, Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th.

Check Out Our Latest Research Report on KNTK

Kinetik Price Performance

KNTK traded up $0.42 on Wednesday, reaching $43.64. The company's stock had a trading volume of 1,054,666 shares, compared to its average volume of 1,011,379. The business's 50 day moving average is $43.62 and its 200 day moving average is $51.55. Kinetik has a 1 year low of $37.85 and a 1 year high of $67.60. The stock has a market cap of $6.89 billion, a price-to-earnings ratio of 45.94 and a beta of 3.00.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). The company had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. Kinetik had a negative return on equity of 8.05% and a net margin of 10.74%. The firm's quarterly revenue was up 29.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.12 EPS.

Kinetik Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, April 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.15%. Kinetik's dividend payout ratio is currently 328.42%.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the company's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the transaction, the insider owned 1 shares in the company, valued at approximately $44.16. This represents a 100.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.83% of the stock is currently owned by corporate insiders.

Institutional Trading of Kinetik

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new position in shares of Kinetik during the 1st quarter valued at about $647,000. Bank of New York Mellon Corp boosted its holdings in Kinetik by 12.5% during the fourth quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company's stock worth $27,675,000 after buying an additional 54,081 shares in the last quarter. Jump Financial LLC increased its holdings in shares of Kinetik by 73.8% in the fourth quarter. Jump Financial LLC now owns 41,880 shares of the company's stock valued at $2,375,000 after buying an additional 17,778 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Kinetik by 54.1% during the 4th quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company's stock valued at $13,794,000 after acquiring an additional 85,378 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. acquired a new stake in shares of Kinetik during the 4th quarter valued at $1,674,000. 21.11% of the stock is currently owned by institutional investors.

Kinetik Company Profile

(Get Free Report

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.

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Analyst Recommendations for Kinetik (NYSE:KNTK)

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