Kinetik (NYSE:KNTK) Downgraded by Wall Street Zen to Sell

Wall Street Zen cut shares of Kinetik (NYSE:KNTK - Free Report) from a hold rating to a sell rating in a research note released on Sunday.

A number of other analysts have also commented on the company. US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Royal Bank of Canada reduced their price objective on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. Citigroup upgraded shares of Kinetik from a "neutral" rating to a "buy" rating and dropped their target price for the company from $58.00 to $55.00 in a research report on Tuesday, May 20th. UBS Group began coverage on Kinetik in a report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price objective for the company. Finally, Scotiabank cut their target price on Kinetik from $57.00 to $54.00 and set a "sector outperform" rating for the company in a research note on Monday, May 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $56.22.

Kinetik Stock Up 2.1%

Shares of NYSE KNTK traded up $0.96 during mid-day trading on Friday, reaching $47.08. 100,810 shares of the company were exchanged, compared to its average volume of 920,575. The company's 50-day simple moving average is $44.33 and its 200-day simple moving average is $53.64. Kinetik has a twelve month low of $37.85 and a twelve month high of $67.60. The stock has a market capitalization of $7.44 billion, a P/E ratio of 49.56 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 earnings per share (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 analysts' expectations of $466.54 million. The business's revenue for the quarter was up 29.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.12 EPS.

Kinetik Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 6.63%. The ex-dividend date of this dividend was Friday, April 25th. Kinetik's dividend payout ratio is currently 328.42%.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the sale, the insider now owns 657,583 shares of the company's stock, valued at approximately $34,628,320.78. This represents a 61.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.83% of the company's stock.

Institutional Inflows and Outflows

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

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.