Raymond James Financial Inc. bought a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 198,211 shares of the company's stock, valued at approximately $11,241,000. Raymond James Financial Inc. owned 0.13% of Kinetik as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also added to or reduced their stakes in KNTK. Fifth Third Bancorp bought a new position in Kinetik during the fourth quarter worth about $26,000. Canton Hathaway LLC bought a new position in shares of Kinetik during the 4th quarter worth approximately $28,000. GAMMA Investing LLC boosted its stake in 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 buying an additional 213 shares in the last quarter. Bright Futures Wealth Management LLC. bought a new stake in Kinetik in the fourth quarter valued at $189,000. Finally, New York State Teachers Retirement System acquired a new position in Kinetik during the fourth quarter worth $197,000. 21.11% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group upped their target price on shares of Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a report on Thursday, December 19th. Barclays dropped their price objective on shares of Kinetik from $61.00 to $57.00 and set an "equal weight" rating for the company in a report on Thursday, March 6th. JPMorgan Chase & Co. boosted their price objective on Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 15th. Wells Fargo & Company lowered their target price on Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. Finally, Citigroup upped their price target on shares of Kinetik from $54.00 to $58.00 and gave the stock a "neutral" rating in a research report on Monday, December 16th. Three research 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, the company currently has an average rating of "Moderate Buy" and a consensus target price of $59.63.
Read Our Latest Report on Kinetik
Kinetik Stock Performance
NASDAQ:KNTK traded up $0.88 on Monday, hitting $53.61. 639,404 shares of the stock were exchanged, compared to its average volume of 846,647. Kinetik Holdings Inc. has a 52 week low of $37.65 and a 52 week high of $67.60. The stock has a market capitalization of $8.46 billion, a price-to-earnings ratio of 19.78, a P/E/G ratio of 1.52 and a beta of 2.85. The company's 50-day moving average price is $59.49 and its 200 day moving average price is $55.19.
Kinetik Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were issued a $0.78 dividend. The ex-dividend date was Monday, February 3rd. This represents a $3.12 annualized dividend and a yield of 5.82%. Kinetik's dividend payout ratio is currently 305.88%.
Insiders Place Their Bets
In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the business's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.71% of the company's stock.
About Kinetik
(
Free Report)
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.
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