Kinetik (NYSE:KNTK) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Kinetik (NYSE:KNTK) from a hold rating to a sell rating in a research report released on Sunday morning.

A number of other equities analysts also recently issued reports on the stock. Citigroup reaffirmed a “buy” rating on shares of Kinetik in a report on Tuesday, June 10th. Zacks Research raised shares of Kinetik from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 13th. Mizuho set a $53.00 target price on shares of Kinetik and gave the stock an “outperform” rating in a research report on Friday, August 29th. Scotiabank reaffirmed an “outperform” rating on shares of Kinetik in a report on Monday, September 8th. Finally, Barclays dropped their price target on Kinetik from $49.00 to $43.00 and set an “equal weight” rating on the stock in a report on Monday, July 14th. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Kinetik presently has a consensus rating of “Moderate Buy” and an average target price of $54.67.

Kinetik Price Performance

KNTK opened at $42.74 on Friday. Kinetik has a fifty-two week low of $39.25 and a fifty-two week high of $67.60. The firm has a market capitalization of $6.92 billion, a PE ratio of 57.76, a P/E/G ratio of 1.10 and a beta of 3.16. The company’s 50-day moving average is $42.33 and its 200 day moving average is $43.84.

Kinetik (NYSE:KNTK) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.During the same quarter in the prior year, the company posted $0.54 earnings per share. Kinetik’s revenue for the quarter was up 18.7% compared to the same quarter last year.

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, July 25th were given a dividend of $0.78 per share. The ex-dividend date was Friday, July 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.3%. Kinetik’s dividend payout ratio is currently 421.62%.

Hedge Funds Weigh In On Kinetik

Several hedge funds have recently bought and sold shares of KNTK. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Kinetik by 1.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,498 shares of the company’s stock worth $3,544,000 after acquiring an additional 738 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Kinetik during the fourth quarter worth about $267,000. GAMMA Investing LLC increased its position in shares of Kinetik by 5,716.5% in the first quarter. GAMMA Investing LLC now owns 29,606 shares of the company’s stock worth $1,538,000 after purchasing an additional 29,097 shares during the last quarter. Chickasaw Capital Management LLC raised its stake in Kinetik by 0.8% in the first quarter. Chickasaw Capital Management LLC now owns 622,388 shares of the company’s stock valued at $32,327,000 after purchasing an additional 4,732 shares in the last quarter. Finally, Gilman Hill Asset Management LLC raised its stake in Kinetik by 1.1% in the first quarter. Gilman Hill Asset Management LLC now owns 235,724 shares of the company’s stock valued at $12,243,000 after purchasing an additional 2,571 shares in the last quarter. Hedge funds and other 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. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.