Wall Street Zen Upgrades Kinetik (NYSE:KNTK) to Hold

Wall Street Zen upgraded shares of Kinetik (NYSE:KNTK - Free Report) from a sell rating to a hold rating in a research note issued to investors on Monday.

KNTK has been the topic of a number of other research reports. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Wells Fargo & Company decreased their price objective on Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a report on Friday, February 28th. Citigroup upgraded Kinetik from a "neutral" rating to a "buy" rating and cut their price objective for the stock from $58.00 to $55.00 in a report on Tuesday, May 20th. Mizuho reduced their price target on Kinetik from $70.00 to $61.00 and set an "outperform" rating for the company in a report on Tuesday, May 20th. Finally, UBS Group assumed coverage on Kinetik in a research note on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $56.56.

Kinetik Trading Down 0.4%

Shares of NYSE KNTK traded down $0.17 during midday trading on Monday, hitting $44.46. The company's stock had a trading volume of 813,772 shares, compared to its average volume of 976,612. Kinetik has a 12-month low of $37.85 and a 12-month high of $67.60. The firm has a market cap of $7.02 billion, a P/E ratio of 46.80 and a beta of 3.05. The business's 50 day moving average is $43.56 and its two-hundred day moving average is $53.00.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.24). The firm 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 business earned $0.12 earnings per share. Kinetik's revenue was up 29.8% on a year-over-year basis.

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders 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 yield of 7.02%. Kinetik's payout ratio is 328.42%.

Insiders Place Their Bets

In other Kinetik 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 value of $188,213,894.40. Following the completion of the sale, the insider now owns 1 shares of the company's stock, valued at approximately $44.16. This trade represents a 100.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.83% of the company's stock.

Hedge Funds Weigh In On Kinetik

A number of hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC raised its position in Kinetik by 14,124.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company's stock worth $820,000 after purchasing an additional 13,842 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Kinetik by 12.5% in the fourth quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company's stock worth $27,675,000 after acquiring an additional 54,081 shares during the period. Jump Financial LLC grew its holdings in Kinetik by 73.8% during the fourth quarter. Jump Financial LLC now owns 41,880 shares of the company's stock worth $2,375,000 after acquiring an additional 17,778 shares during the period. JPMorgan Chase & Co. increased its holdings 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 purchasing an additional 85,378 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new stake in shares of Kinetik during the 4th quarter worth about $1,674,000. 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.