Kinetik (NASDAQ:KNTK) Earns Neutral Rating from Analysts at UBS Group

UBS Group started coverage on shares of Kinetik (NASDAQ:KNTK) in a report released on Tuesday, MarketBeat.com reports. The firm issued a neutral rating and a $49.00 price target on the stock.

KNTK has been the subject of several other reports. Royal Bank of Canada cut their target price on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Barclays upped their price objective on Kinetik from $57.00 to $58.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 16th. US Capital Advisors raised Kinetik from a “hold” rating to a “moderate buy” rating in a report on Monday, April 7th. JPMorgan Chase & Co. upped their target price on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 15th. Finally, 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 note on Friday, February 28th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Kinetik has an average rating of “Moderate Buy” and an average price target of $58.56.

Kinetik Price Performance

KNTK stock opened at $41.02 on Tuesday. The firm has a 50 day simple moving average of $48.71 and a two-hundred day simple moving average of $54.85. The stock has a market cap of $6.47 billion, a PE ratio of 15.14, a P/E/G ratio of 1.52 and a beta of 2.68. Kinetik has a one year low of $37.85 and a one year high of $67.60.

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 2nd. Stockholders of record on Friday, April 25th will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 7.61%. The ex-dividend date of this dividend is Friday, April 25th. Kinetik’s dividend payout ratio is 305.88%.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the business’s stock in a transaction dated 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 transaction, 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 document filed with the Securities & Exchange Commission, which is available at this link. 3.83% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Kinetik

A number of large investors have recently made changes to their positions in KNTK. Stifel Financial Corp purchased a new stake in Kinetik in the third quarter worth $202,000. Barclays PLC raised its holdings in Kinetik by 34.5% in the 3rd quarter. Barclays PLC now owns 234,286 shares of the company’s stock worth $10,603,000 after purchasing an additional 60,058 shares in the last quarter. Principal Financial Group Inc. purchased a new stake in shares of Kinetik in the 3rd quarter worth about $921,000. JPMorgan Chase & Co. boosted its stake in shares of Kinetik by 53.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 157,858 shares of the company’s stock valued at $7,145,000 after purchasing an additional 55,050 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after buying an additional 213 shares during the period. 21.11% of the stock is currently owned by institutional investors.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.