Kinetik (NYSE:KNTK) Stock Rating Lowered by Wall Street Zen

Wall Street Zen cut shares of Kinetik (NYSE:KNTK - Free Report) from a hold rating to a sell rating in a report issued on Tuesday morning.

KNTK has been the subject of a number of other reports. UBS Group started coverage on Kinetik in a report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price target for the company. Citigroup reaffirmed a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. US Capital Advisors raised shares of Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Wells Fargo & Company decreased their price target on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Friday, February 28th. Finally, Mizuho cut their price objective on shares of Kinetik from $70.00 to $61.00 and set an "outperform" rating for the company in a research report on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Kinetik currently has an average rating of "Moderate Buy" and a consensus price target of $56.56.

Kinetik Trading Up 0.9%

KNTK traded up $0.38 during trading on Tuesday, hitting $43.27. The stock had a trading volume of 400,487 shares, compared to its average volume of 974,189. The firm has a market cap of $6.83 billion, a PE ratio of 45.55 and a beta of 3.05. Kinetik has a 12 month low of $37.85 and a 12 month high of $67.60. The company has a 50 day simple moving average of $43.57 and a 200-day simple moving average of $52.37.

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

Kinetik Announces Dividend

The firm also recently announced 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 was Friday, April 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.21%. Kinetik's dividend payout ratio (DPR) is currently 328.42%.

Insider Buying and Selling

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of Kinetik stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the completion of the transaction, the insider now directly owns 1 shares of the company's stock, valued at $44.16. This trade represents a 100.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 3.83% of the company's stock.

Institutional Investors Weigh In On Kinetik

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Canton Hathaway LLC acquired a new position in Kinetik in the fourth quarter worth $28,000. Rialto Wealth Management LLC bought a new position in shares of Kinetik in the fourth quarter valued at about $34,000. Bell Investment Advisors Inc acquired a new position in Kinetik during the 1st quarter worth about $41,000. Comerica Bank lifted its position in Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after buying an additional 195 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in Kinetik by 141.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock worth $59,000 after acquiring an additional 664 shares during the last quarter. 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. 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.