Kinetik (NYSE:KNTK) Stock Rating Lowered by Wall Street Zen

Wall Street Zen lowered shares of Kinetik (NYSE:KNTK) from a hold rating to a sell rating in a research report report published on Sunday.

A number of other equities research analysts also recently issued reports on the stock. Scotiabank reduced their price objective on shares of Kinetik from $57.00 to $54.00 and set a “sector outperform” rating for the company in a research report on Monday, May 12th. Mizuho reduced their price objective on shares of Kinetik from $70.00 to $61.00 and set an “outperform” rating for the company in a research report on Tuesday, May 20th. UBS Group assumed coverage on shares of Kinetik in a research report on Tuesday, April 29th. They issued a “neutral” rating and a $49.00 price objective for the company. Citigroup raised shares of Kinetik from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $58.00 to $55.00 in a research report on Tuesday, May 20th. Finally, Barclays set a $48.00 price objective on shares of Kinetik and gave the stock an “equal weight” rating in a research report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $56.22.

Kinetik Price Performance

NYSE:KNTK opened at $46.23 on Friday. The firm has a 50-day moving average of $44.33 and a 200-day moving average of $53.64. The company has a market cap of $7.30 billion, a PE ratio of 48.66 and a beta of 3.05. Kinetik has a one year low of $37.85 and a one year high of $67.60.

Kinetik (NYSE:KNTK) last posted its earnings results 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 the consensus estimate of $466.54 million. During the same period in the previous year, the firm posted $0.12 earnings per share. Kinetik’s quarterly revenue was up 29.8% compared to the same quarter last year.

Kinetik Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 6.75%. The ex-dividend date was Friday, April 25th. Kinetik’s payout ratio is 328.42%.

Insider Buying and Selling at Kinetik

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

Institutional Trading of Kinetik

A number of institutional investors have recently modified their holdings of KNTK. Fifth Third Bancorp purchased a new stake in shares of Kinetik during the 4th quarter valued at approximately $26,000. Canton Hathaway LLC purchased a new stake in shares of Kinetik during the 4th quarter valued at approximately $28,000. Rialto Wealth Management LLC purchased a new stake in shares of Kinetik during the 4th quarter valued at approximately $34,000. Bell Investment Advisors Inc purchased a new stake in shares of Kinetik during the 1st quarter valued at approximately $41,000. Finally, Comerica Bank lifted its stake in shares of Kinetik by 32.2% during the 4th 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. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

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.