Analysts Set Kinetik Holdings Inc. (NYSE:KNTK) Target Price at $56.56

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report) has been given a consensus rating of "Moderate Buy" by the nine ratings firms that are presently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $56.56.

Several brokerages recently weighed in on KNTK. Scotiabank boosted their price target 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. Mizuho decreased their target price on shares of Kinetik from $70.00 to $61.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 20th. UBS Group initiated coverage on shares of 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 upgraded Kinetik from a "sell" rating to a "hold" rating in a research report on Monday.

Kinetik Price Performance

Shares of KNTK stock traded up $0.07 during mid-day trading on Friday, hitting $43.35. The company had a trading volume of 1,380,722 shares, compared to its average volume of 973,616. The stock's 50 day moving average price is $43.54 and its 200-day moving average price is $53.05. Kinetik has a 52-week low of $37.85 and a 52-week high of $67.60. The company has a market capitalization of $6.85 billion, a P/E ratio of 45.63 and a beta of 3.05.

Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.24). The business had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. During the same quarter in the prior year, the firm posted $0.12 EPS. The firm's quarterly revenue was up 29.8% on a year-over-year basis.

Kinetik Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 7.20%. The ex-dividend date was Friday, April 25th. Kinetik's payout ratio is currently 328.42%.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of Kinetik stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the completion of the sale, the insider now directly owns 1 shares in the company, valued at approximately $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.83% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in KNTK. Zimmer Partners LP purchased a new stake in Kinetik in the 1st quarter valued at about $102,124,000. Westwood Holdings Group Inc. boosted its holdings in shares of Kinetik by 78.3% in the fourth quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company's stock valued at $61,429,000 after purchasing an additional 475,606 shares during the period. Pictet Asset Management Holding SA boosted its holdings in shares of Kinetik by 8,475.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company's stock valued at $24,442,000 after purchasing an additional 425,977 shares during the period. HITE Hedge Asset Management LLC bought a new position in Kinetik in the first quarter worth approximately $18,608,000. Finally, Prudential Financial Inc. increased its holdings in Kinetik by 391.1% during the 4th quarter. Prudential Financial Inc. now owns 392,343 shares of the company's stock worth $22,250,000 after purchasing an additional 312,458 shares during the period. Hedge funds and other institutional investors own 21.11% of the company's stock.

About Kinetik

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.