Kinetik (NASDAQ:KNTK) Stock Price Up 6.1% – Here’s What Happened

Kinetik Holdings Inc. (NASDAQ:KNTK) shares rose 6.1% during trading on Friday . The stock traded as high as $58.75 and last traded at $59.45. Approximately 595,785 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 738,979 shares. The stock had previously closed at $56.03.

Analyst Ratings Changes

KNTK has been the subject of several recent research reports. JPMorgan Chase & Co. lifted their price target on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 15th. Scotiabank dropped their price target on Kinetik from $64.00 to $62.00 and set a “sector outperform” rating for the company in a research report on Tuesday, January 21st. The Goldman Sachs Group lifted their price target on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Wells Fargo & Company dropped their price target on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday. Finally, Barclays lifted their price target on Kinetik from $47.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Monday, January 13th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Kinetik presently has an average rating of “Moderate Buy” and an average target price of $59.00.

Kinetik Price Performance

The company has a 50-day simple moving average of $61.07 and a 200-day simple moving average of $54.11. The firm has a market cap of $9.20 billion, a PE ratio of 21.55, a price-to-earnings-growth ratio of 1.52 and a beta of 2.89.

Kinetik Announces Dividend

The firm 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. The ex-dividend date was Monday, February 3rd. This represents a $3.12 annualized dividend and a dividend yield of 5.34%. Kinetik’s dividend payout ratio (DPR) is presently 115.13%.

Institutional Trading of Kinetik

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Kinetik by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company’s stock valued at $226,967,000 after acquiring an additional 72,760 shares in the last quarter. Invesco Ltd. raised its stake in shares of Kinetik by 3.0% during the fourth quarter. Invesco Ltd. now owns 1,247,843 shares of the company’s stock valued at $70,765,000 after acquiring an additional 36,362 shares in the last quarter. Westwood Holdings Group Inc. raised its stake 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 valued at $61,429,000 after acquiring an additional 475,606 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Kinetik by 1.6% during the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock valued at $39,742,000 after acquiring an additional 13,644 shares in the last quarter. Finally, Merewether Investment Management LP raised its stake 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 valued at $29,976,000 after acquiring an additional 239,500 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. 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.