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

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

Several other research firms also recently commented on KNTK. Citigroup upped their price target 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. Wells Fargo & Company decreased their price target on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. Scotiabank decreased their price target on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. Barclays decreased their price target on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 6th. Finally, The Goldman Sachs Group upped their price objective on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Three equities research 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 stock presently has an average rating of “Moderate Buy” and an average price target of $59.63.

Kinetik Price Performance

Shares of KNTK opened at $53.05 on Thursday. The firm has a market capitalization of $8.37 billion, a PE ratio of 19.57, a PEG ratio of 1.52 and a beta of 2.85. The company’s 50-day moving average is $60.08 and its 200-day moving average is $54.77. Kinetik has a fifty-two week low of $36.56 and a fifty-two week high of $67.60.

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 5.88%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik’s dividend payout ratio is presently 305.88%.

Insider Buying and Selling

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the stock in a transaction 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 transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of KNTK. Fifth Third Bancorp bought a new position in Kinetik during the fourth quarter worth $26,000. Canton Hathaway LLC acquired a new position in Kinetik during the fourth quarter worth $28,000. GAMMA Investing LLC raised its holdings in Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after buying an additional 213 shares during the last quarter. Rialto Wealth Management LLC acquired a new position in Kinetik during the fourth quarter worth $34,000. Finally, Comerica Bank raised its holdings in Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company’s stock worth $45,000 after buying an additional 195 shares during the last quarter. 21.11% of the stock is owned by institutional investors.

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.