Scotiabank Issues Pessimistic Forecast for Kinetik (NASDAQ:KNTK) Stock Price

Kinetik (NASDAQ:KNTK) had its price objective cut by Scotiabank from $62.00 to $60.00 in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a sector outperform rating on the stock.

Several other research analysts have also recently commented on KNTK. Barclays decreased their target price on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating for the company in a research report on Thursday. Citigroup upped their target price 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. Wells Fargo & Company decreased 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 report on Friday, February 28th. JPMorgan Chase & Co. upped their target price 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. Finally, The Goldman Sachs Group upped their target price 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. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.25.

Kinetik Stock Down 4.8 %

Shares of NASDAQ:KNTK opened at $51.31 on Thursday. Kinetik has a fifty-two week low of $34.27 and a fifty-two week high of $67.60. The firm has a 50-day simple moving average of $60.92 and a 200 day simple moving average of $54.37. The company has a market cap of $8.08 billion, a PE ratio of 18.93, a P/E/G ratio of 1.52 and a beta of 2.85.

Kinetik Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.08%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik’s dividend payout ratio is currently 305.88%.

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the completion of the sale, the insider now directly owns 1,044,520 shares of the company’s stock, valued at $58,106,647.60. This represents a 79.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.71% of the company’s stock.

Institutional Trading of Kinetik

Several institutional investors and hedge funds have recently added to or reduced their stakes in KNTK. Janney Montgomery Scott LLC acquired a new stake in Kinetik during the third quarter valued at approximately $3,558,000. Harbor Capital Advisors Inc. lifted its stake in Kinetik by 132.1% during the third quarter. Harbor Capital Advisors Inc. now owns 8,914 shares of the company’s stock valued at $403,000 after purchasing an additional 5,073 shares during the last quarter. Van ECK Associates Corp lifted its stake in Kinetik by 73.4% during the third quarter. Van ECK Associates Corp now owns 24,527 shares of the company’s stock valued at $1,110,000 after purchasing an additional 10,384 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in Kinetik during the third quarter valued at approximately $921,000. Finally, Covestor Ltd lifted its position in shares of Kinetik by 13,790.0% in the 3rd quarter. Covestor Ltd now owns 4,167 shares of the company’s stock valued at $189,000 after acquiring an additional 4,137 shares in the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

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.