Orion Portfolio Solutions LLC Makes New $917,000 Investment in Kinetik Holdings Inc. (NASDAQ:KNTK)

Orion Portfolio Solutions LLC bought a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 16,175 shares of the company's stock, valued at approximately $917,000.

Several other institutional investors and hedge funds also recently made changes to their positions in KNTK. Harbor Capital Advisors Inc. grew its position in Kinetik by 2.0% during the fourth quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company's stock worth $515,000 after buying an additional 174 shares in the last quarter. GAMMA Investing LLC grew its position 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 in the last quarter. Private Advisor Group LLC grew its position in Kinetik by 5.3% during the fourth quarter. Private Advisor Group LLC now owns 8,859 shares of the company's stock worth $502,000 after buying an additional 448 shares in the last quarter. Fifth Third Bancorp acquired a new stake in Kinetik during the fourth quarter worth approximately $26,000. Finally, Canton Hathaway LLC acquired a new stake in Kinetik during the fourth quarter worth approximately $28,000. Institutional investors and hedge funds own 21.11% of the company's stock.

Insider Activity at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock in a transaction that occurred 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 owns 1,044,520 shares of the company's stock, valued at $58,106,647.60. This trade represents a 79.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.71% of the stock is owned by insiders.

Kinetik Price Performance

Shares of KNTK traded down $2.10 during trading hours on Thursday, hitting $43.14. The stock had a trading volume of 198,054 shares, compared to its average volume of 860,607. Kinetik Holdings Inc. has a 1-year low of $37.65 and a 1-year high of $67.60. The firm has a market capitalization of $6.81 billion, a P/E ratio of 15.92, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68. The firm has a 50 day simple moving average of $54.84 and a 200-day simple moving average of $55.45.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were given a $0.78 dividend. The ex-dividend date was Monday, February 3rd. This represents a $3.12 annualized dividend and a yield of 7.23%. Kinetik's payout ratio is 305.88%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on KNTK. Scotiabank reduced their price target on 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 Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. Royal Bank of Canada reduced their price target on Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday. Finally, Citigroup increased their price target on Kinetik from $54.00 to $58.00 and gave the company a "neutral" rating in a research note on Monday, December 16th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company has an average 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.