KLP Kapitalforvaltning AS Makes New Investment in Kinetik Holdings Inc. (NASDAQ:KNTK)

KLP Kapitalforvaltning AS purchased a new stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 14,500 shares of the company's stock, valued at approximately $822,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in KNTK. Geode Capital Management LLC lifted its position in 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 buying an additional 13,644 shares during the period. Merewether Investment Management LP boosted its stake in 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 acquiring an additional 239,500 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Kinetik by 12.5% during the fourth quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company's stock worth $27,675,000 after acquiring an additional 54,081 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in shares of Kinetik by 10.5% during the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 440,000 shares of the company's stock valued at $24,952,000 after purchasing an additional 41,864 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its holdings in shares of Kinetik by 30.6% during the third quarter. Point72 Asset Management L.P. now owns 352,558 shares of the company's stock valued at $15,957,000 after purchasing an additional 82,600 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Insider Buying and Selling

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the business's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the completion of the sale, the insider now directly owns 657,583 shares in the company, valued at approximately $34,628,320.78. The trade was a 61.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.71% of the stock is currently owned by corporate insiders.

Kinetik Stock Performance

Shares of KNTK traded down $5.02 during mid-day trading on Friday, hitting $44.14. 911,443 shares of the company traded hands, compared to its average volume of 816,978. Kinetik Holdings Inc. has a 1 year low of $37.65 and a 1 year high of $67.60. The stock has a 50-day moving average price of $57.34 and a two-hundred day moving average price of $55.56. The stock has a market cap of $6.96 billion, a price-to-earnings ratio of 16.29, a P/E/G ratio of 1.52 and a beta of 2.85.

Kinetik Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were paid a $0.78 dividend. The ex-dividend date was Monday, February 3rd. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.07%. Kinetik's dividend payout ratio (DPR) is currently 305.88%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Citigroup upped their price target on Kinetik from $54.00 to $58.00 and gave the stock a "neutral" rating in a research note on Monday, December 16th. JPMorgan Chase & Co. raised their price target on Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a report on Wednesday, January 15th. The Goldman Sachs Group upped their price target on shares of Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. Scotiabank reduced their price objective on shares of Kinetik from $62.00 to $60.00 and set a "sector outperform" rating for the company in a research note on Thursday, March 6th. Finally, Barclays dropped their target price 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. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $59.63.

Kinetik Profile

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.