Kinetik (NYSE:KNTK) Lowered to “Sell” Rating by Wall Street Zen

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

Several other equities analysts have also commented on KNTK. Scotiabank reaffirmed an “outperform” rating on shares of Kinetik in a report on Monday, September 8th. Citigroup reaffirmed a “buy” rating on shares of Kinetik in a research note on Tuesday, June 10th. Mizuho set a $53.00 price target on shares of Kinetik and gave the company an “outperform” rating in a research report on Friday, August 29th. Zacks Research upgraded shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 13th. Finally, Barclays lowered their price objective on shares of Kinetik from $49.00 to $43.00 and set an “equal weight” rating for the company in a research note on Monday, July 14th. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Kinetik currently has an average rating of “Moderate Buy” and a consensus target price of $54.67.

Kinetik Trading Down 4.0%

KNTK opened at $42.74 on Friday. The stock has a market capitalization of $6.92 billion, a P/E ratio of 57.76, a PEG ratio of 1.10 and a beta of 3.16. The stock has a 50-day moving average price of $42.33 and a 200-day moving average price of $43.84. Kinetik has a 12-month low of $39.25 and a 12-month high of $67.60.

Kinetik (NYSE:KNTK) last released its earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.During the same period in the prior year, the business posted $0.54 earnings per share. The firm’s quarterly revenue was up 18.7% on a year-over-year basis.

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.3%. The ex-dividend date was Friday, July 25th. Kinetik’s dividend payout ratio (DPR) is presently 421.62%.

Institutional Trading of Kinetik

A number of hedge funds have recently modified their holdings of KNTK. Zimmer Partners LP purchased a new stake in Kinetik during the 1st quarter valued at about $102,124,000. Westwood Holdings Group Inc. grew its holdings in shares of Kinetik by 4.6% during the second quarter. Westwood Holdings Group Inc. now owns 1,178,890 shares of the company’s stock valued at $51,930,000 after buying an additional 52,058 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Kinetik by 8.2% during the second quarter. Geode Capital Management LLC now owns 967,950 shares of the company’s stock valued at $42,643,000 after acquiring an additional 73,665 shares in the last quarter. Kayne Anderson Capital Advisors LP raised its holdings in Kinetik by 4.4% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 830,122 shares of the company’s stock worth $43,117,000 after acquiring an additional 34,811 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in shares of Kinetik by 32.0% in the 2nd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 779,000 shares of the company’s stock worth $34,315,000 after purchasing an additional 189,000 shares in the last quarter. 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.