Kinetik (NASDAQ:KNTK) Price Target Cut to $58.00 by Analysts at Wells Fargo & Company

Kinetik (NASDAQ:KNTK) had its price target cut by Wells Fargo & Company from $60.00 to $58.00 in a research report report published on Friday,Benzinga reports. They currently have an equal weight rating on the stock.

Other equities analysts have also recently issued research reports about the stock. The Goldman Sachs Group increased their price objective on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Scotiabank reduced their price objective on shares of Kinetik from $64.00 to $62.00 and set a “sector outperform” rating on the stock in a report on Tuesday, January 21st. Barclays increased their target price on shares of Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a research report on Monday, January 13th. Citigroup raised their price objective on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 15th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.00.

Kinetik Stock Up 4.2 %

KNTK opened at $58.39 on Friday. Kinetik has a twelve month low of $33.76 and a twelve month high of $67.60. The company has a 50-day moving average price of $61.05 and a 200 day moving average price of $53.90. The company has a market cap of $9.20 billion, a PE ratio of 21.55, a price-to-earnings-growth ratio of 1.52 and a beta of 2.89.

Kinetik Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were paid a $0.78 dividend. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $3.12 annualized dividend and a dividend yield of 5.34%. Kinetik’s dividend payout ratio is currently 115.13%.

Institutional Trading of Kinetik

A number of institutional investors have recently bought and sold shares of the company. Fifth Third Bancorp acquired a new position in Kinetik during the fourth quarter valued at approximately $26,000. Canton Hathaway LLC bought a new position in Kinetik in the fourth quarter worth $28,000. GAMMA Investing LLC lifted its holdings 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 acquiring an additional 213 shares during the period. Rialto Wealth Management LLC bought a new position in shares of Kinetik during the fourth quarter valued at $34,000. Finally, Comerica Bank increased its stake in shares of Kinetik by 32.2% in the fourth quarter. Comerica Bank now owns 800 shares of the company’s stock valued at $45,000 after buying an additional 195 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

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.