Royal Bank of Canada Cuts Kinetik (NASDAQ:KNTK) Price Target to $63.00

Kinetik (NASDAQ:KNTK) had its price target trimmed by Royal Bank of Canada from $67.00 to $63.00 in a report published on Thursday,Benzinga reports. The firm currently has an outperform rating on the stock.

Other research analysts have also issued research reports about the stock. Citigroup raised 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. Barclays decreased their price target 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, March 6th. Wells Fargo & Company cut their price objective on Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Friday, February 28th. The Goldman Sachs Group lifted their target price on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, JPMorgan Chase & Co. upped their price target on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 15th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $59.63.

Kinetik Trading Down 0.8 %

KNTK stock opened at $51.55 on Thursday. The business’s fifty day moving average price is $60.36 and its 200 day moving average price is $54.64. Kinetik has a 12-month low of $35.19 and a 12-month high of $67.60. The company has a market capitalization of $8.13 billion, a PE ratio of 19.02, a P/E/G ratio of 1.52 and a beta of 2.85.

Kinetik Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 6.05%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik’s dividend payout ratio (DPR) is presently 305.88%.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the firm’s 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 sale, the insider now owns 1,044,520 shares of the company’s stock, valued at approximately $58,106,647.60. This trade 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 can be accessed through this link. 3.71% of the stock is owned by company insiders.

Institutional Investors Weigh In On Kinetik

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Westwood Holdings Group Inc. grew its holdings in shares of Kinetik by 78.3% during the fourth quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company’s stock worth $61,429,000 after purchasing an additional 475,606 shares during the last quarter. Pictet Asset Management Holding SA increased its stake in Kinetik by 8,475.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company’s stock valued at $24,442,000 after purchasing an additional 425,977 shares during the period. Prudential Financial Inc. raised its stake in Kinetik by 391.1% during the 4th quarter. Prudential Financial Inc. now owns 392,343 shares of the company’s stock valued at $22,250,000 after acquiring an additional 312,458 shares during the last quarter. Merewether Investment Management LP lifted its holdings in shares of Kinetik by 56.6% during the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock worth $29,976,000 after purchasing an additional 239,500 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Kinetik in the fourth quarter valued at about $11,241,000. 21.11% of the stock is currently 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.