14,500 Shares in Kinetik Holdings Inc. (NASDAQ:KNTK) Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS purchased a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 14,500 shares of the company's stock, valued at approximately $822,000.

Several other hedge funds also recently made changes to their positions in KNTK. Fifth Third Bancorp acquired a new position in Kinetik during the fourth quarter worth $26,000. Canton Hathaway LLC acquired a new position in shares of Kinetik during the 4th quarter worth about $28,000. GAMMA Investing LLC grew its holdings in shares of Kinetik by 72.0% in the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company's stock valued at $29,000 after acquiring an additional 213 shares in the last quarter. Rialto Wealth Management LLC acquired a new stake in shares of Kinetik in the fourth quarter valued at about $34,000. Finally, EverSource Wealth Advisors LLC bought a new stake in Kinetik during the fourth quarter worth about $67,000. 21.11% of the stock is owned by institutional investors.

Kinetik Stock Down 11.6 %

Shares of NASDAQ KNTK traded down $5.70 during mid-day trading on Friday, reaching $43.46. 1,859,385 shares of the company were exchanged, compared to its average volume of 583,643. Kinetik Holdings Inc. has a twelve month low of $37.65 and a twelve month high of $67.60. The stock has a market capitalization of $6.86 billion, a P/E ratio of 16.04, a P/E/G ratio of 1.52 and a beta of 2.68. The company's 50-day simple moving average is $56.88 and its 200-day simple moving average is $55.61.

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 7.18%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik's payout ratio is 305.88%.

Wall Street Analysts Forecast Growth

KNTK has been the subject of a number of analyst reports. Barclays decreased their price target on Kinetik from $61.00 to $57.00 and set an "equal weight" rating for the company in a research note on Thursday, March 6th. Citigroup raised their target price 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. Scotiabank dropped 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 report on Thursday, March 6th. The Goldman Sachs Group increased their price target 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. Finally, Royal Bank of Canada lowered their price objective on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, Kinetik currently has a consensus rating of "Moderate Buy" and an average target price of $59.63.

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $52.66, for a total value of $55,004,370.54. Following the transaction, the insider now directly owns 657,583 shares in the company, valued at approximately $34,628,320.78. This represents a 61.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 3.71% of the stock is owned by corporate insiders.

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.