Kinetik (NYSE:KNTK) Shares Gap Down – Time to Sell?

Shares of Kinetik Holdings Inc. (NYSE:KNTK) gapped down before the market opened on Thursday . The stock had previously closed at $45.65, but opened at $44.17. Kinetik shares last traded at $44.00, with a volume of 808,518 shares.

Analysts Set New Price Targets

KNTK has been the topic of several analyst reports. Royal Bank of Canada cut their price objective on shares of Kinetik from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, May 30th. Mizuho lowered their target price on shares of Kinetik from $70.00 to $61.00 and set an “outperform” rating on the stock in a report on Tuesday, May 20th. Wall Street Zen lowered shares of Kinetik from a “hold” rating to a “sell” rating in a research report on Sunday, June 1st. US Capital Advisors raised shares of Kinetik from a “hold” rating to a “moderate buy” rating in a research report on Monday, April 7th. Finally, Wells Fargo & Company decreased their price objective 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Kinetik presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.56.

Kinetik Stock Up 0.8%

The company has a market capitalization of $6.96 billion, a P/E ratio of 46.37 and a beta of 3.05. The company has a 50-day moving average of $43.87 and a two-hundred day moving average of $53.36.

Kinetik (NYSE:KNTK) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.24). The company had revenue of $443.26 million during the quarter, compared to analyst estimates of $466.54 million. The company’s quarterly revenue was up 29.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.12 earnings per share.

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were issued a $0.78 dividend. The ex-dividend date of this dividend was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.08%. Kinetik’s dividend payout ratio is currently 328.42%.

Insider Activity

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $52.66, for a total value of $55,004,370.54. Following the sale, the insider now owns 657,583 shares of the company’s stock, valued at $34,628,320.78. The trade was a 61.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Canton Hathaway LLC bought a new position in Kinetik during the 4th quarter worth about $28,000. Rialto Wealth Management LLC acquired a new stake in shares of Kinetik in the fourth quarter valued at about $34,000. Bell Investment Advisors Inc acquired a new stake in shares of Kinetik in the 1st quarter worth $41,000. Comerica Bank increased its holdings in shares of Kinetik by 32.2% during the 4th 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. Finally, Nisa Investment Advisors LLC increased its holdings in Kinetik by 141.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company’s stock valued at $59,000 after purchasing an additional 664 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Company Profile

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.