Kinetik (NYSE:KNTK) Shares Gap Down - Should You Sell?

Kinetik Holdings Inc. (NYSE:KNTK - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $45.65, but opened at $44.17. Kinetik shares last traded at $44.00, with a volume of 808,518 shares.

Analysts Set New Price Targets

A number of analysts recently weighed in on KNTK shares. Wall Street Zen cut shares of Kinetik from a "hold" rating to a "sell" rating in a report on Sunday, June 1st. UBS Group began coverage on shares of Kinetik in a research report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target for the company. US Capital Advisors upgraded shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. Barclays set a $48.00 target price on shares of Kinetik and gave the stock an "equal weight" rating in a research report on Tuesday, May 20th. Finally, Royal Bank of Canada cut their price target on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $56.56.

Kinetik Trading Up 0.8%

The stock has a market capitalization of $6.96 billion, a P/E ratio of 46.37 and a beta of 3.05. The firm's fifty day moving average is $43.87 and its 200-day moving average is $53.36.

Kinetik (NYSE:KNTK - Get Free Report) last announced its 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 business had revenue of $443.26 million for the quarter, compared to the consensus estimate of $466.54 million. During the same period in the previous year, the company posted $0.12 earnings per share. The company's revenue was up 29.8% on a year-over-year basis.

Kinetik Dividend Announcement

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 7.08%. The ex-dividend date was Friday, April 25th. Kinetik's dividend payout ratio is presently 328.42%.

Insiders Place Their Bets

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the completion of the sale, the insider now owns 657,583 shares in the company, valued at $34,628,320.78. The trade was a 61.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.83% of the company's stock.

Institutional Investors Weigh In On Kinetik

Several institutional investors have recently modified their holdings of the business. Comerica Bank grew its holdings in Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after purchasing an additional 195 shares during the period. Private Advisor Group LLC grew its holdings in Kinetik by 5.3% during the fourth quarter. Private Advisor Group LLC now owns 8,859 shares of the company's stock valued at $502,000 after purchasing an additional 448 shares during the period. Canton Hathaway LLC acquired a new position in Kinetik during the fourth quarter valued at approximately $28,000. Swiss National Bank grew its holdings in Kinetik by 0.7% during the fourth quarter. Swiss National Bank now owns 76,300 shares of the company's stock valued at $4,327,000 after purchasing an additional 500 shares during the period. Finally, AQR Capital Management LLC grew its holdings in Kinetik by 4.2% during the first quarter. AQR Capital Management LLC now owns 12,900 shares of the company's stock valued at $670,000 after purchasing an additional 522 shares during the period. Institutional investors and hedge funds own 21.11% of the company's stock.

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.