Kinetik (NASDAQ:KNTK) Shares Gap Down – Should You Sell?

Kinetik Holdings Inc. (NASDAQ:KNTK) shares gapped down before the market opened on Thursday . The stock had previously closed at $58.43, but opened at $55.09. Kinetik shares last traded at $54.41, with a volume of 441,898 shares trading hands.

Analysts Set New Price Targets

Several research analysts have weighed in on KNTK shares. The Goldman Sachs Group upped their target price on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Scotiabank dropped their price objective on Kinetik from $64.00 to $62.00 and set a “sector outperform” rating on the stock in a report on Tuesday, January 21st. Wells Fargo & Company reduced their target price on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Friday. Barclays increased their price target on shares of Kinetik from $47.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. Finally, Citigroup lifted their price objective on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Kinetik has an average rating of “Moderate Buy” and a consensus target price of $59.00.

Kinetik Stock Up 4.2 %

The stock’s 50-day moving average price is $61.05 and its 200 day moving average price is $53.90. The company has a market cap of $9.20 billion, a P/E ratio of 21.55, a price-to-earnings-growth ratio of 1.52 and a beta of 2.89.

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 5.34%. The ex-dividend date was Monday, February 3rd. Kinetik’s dividend payout ratio is 115.13%.

Institutional Investors Weigh In On Kinetik

Several hedge funds and other institutional investors have recently made changes to their positions in KNTK. Versor Investments LP bought a new stake in Kinetik during the 3rd quarter valued at approximately $543,000. Barclays PLC lifted its holdings in shares of 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 during the last quarter. Principal Financial Group Inc. bought a new stake in shares of Kinetik in the third quarter valued at approximately $921,000. Eos Management L.P. grew its stake in shares of Kinetik by 84.9% in the third quarter. Eos Management L.P. now owns 27,000 shares of the company’s stock worth $1,222,000 after acquiring an additional 12,400 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in Kinetik by 14,124.5% during the fourth 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. 21.11% of the stock is owned by institutional investors and hedge funds.

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.