Barclays Issues Positive Forecast for Kinetik (NASDAQ:KNTK) Stock Price

Kinetik (NASDAQ:KNTK) had its price objective increased by Barclays from $57.00 to $58.00 in a research note published on Wednesday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

Other analysts also recently issued reports about the company. Royal Bank of Canada decreased their price target on Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. US Capital Advisors upgraded shares of Kinetik from a “hold” rating to a “moderate buy” rating in a report on Monday, April 7th. Scotiabank reduced their price target on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 6th. The Goldman Sachs Group raised their price objective on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, Wells Fargo & Company decreased their target price on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Kinetik currently has a consensus rating of “Moderate Buy” and an average price target of $59.75.

Kinetik Trading Down 0.2 %

Shares of NASDAQ:KNTK opened at $43.21 on Wednesday. The company has a market cap of $6.82 billion, a PE ratio of 15.94, a P/E/G ratio of 1.52 and a beta of 2.68. The company’s 50 day moving average is $52.77 and its two-hundred day moving average is $55.27. Kinetik has a 52 week low of $37.65 and a 52 week high of $67.60.

Kinetik Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 2nd. Stockholders of record on Friday, April 25th will be paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 7.22%. The ex-dividend date of this dividend is Friday, April 25th. Kinetik’s dividend payout ratio (DPR) is presently 305.88%.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of the sale, the insider now directly owns 657,583 shares of the company’s stock, valued at $34,628,320.78. This trade represents a 61.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.71% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Kinetik

Hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC boosted its holdings in Kinetik by 34.5% during the third quarter. Barclays PLC now owns 234,286 shares of the company’s stock worth $10,603,000 after buying an additional 60,058 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of 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 acquiring an additional 13,842 shares during the period. Principal Financial Group Inc. acquired a new position in Kinetik during the third quarter worth $921,000. Geode Capital Management LLC boosted its position in Kinetik by 1.6% during the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock worth $39,742,000 after purchasing an additional 13,644 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Kinetik by 53.5% in the third 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 during the last quarter. 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. 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.