Kinetik Holdings Inc. (NASDAQ:KNTK) Stock Holdings Lessened by Advisors Asset Management Inc.

Advisors Asset Management Inc. reduced its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 7.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 295,761 shares of the company's stock after selling 23,177 shares during the quarter. Advisors Asset Management Inc. owned about 0.19% of Kinetik worth $16,773,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cibc World Markets Corp purchased a new position in Kinetik during the 4th quarter worth $203,000. Swiss National Bank grew its position in Kinetik by 0.7% during the 4th quarter. Swiss National Bank now owns 76,300 shares of the company's stock worth $4,327,000 after purchasing an additional 500 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Kinetik during the 4th quarter worth $3,112,000. EverSource Wealth Advisors LLC purchased a new position in Kinetik during the 4th quarter worth $67,000. Finally, HighTower Advisors LLC grew its position in Kinetik by 30.2% during the 4th quarter. HighTower Advisors LLC now owns 54,457 shares of the company's stock worth $3,088,000 after purchasing an additional 12,638 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the 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 sale, the insider now owns 657,583 shares of the company's stock, valued at $34,628,320.78. This trade represents a 61.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.71% of the stock is currently owned by corporate insiders.

Remove Ads

Kinetik Stock Down 2.0 %

Shares of NASDAQ:KNTK traded down $1.07 during trading on Friday, reaching $52.64. The stock had a trading volume of 804,771 shares, compared to its average volume of 568,250. Kinetik Holdings Inc. has a fifty-two week low of $37.04 and a fifty-two week high of $67.60. The business has a fifty day moving average price of $59.49 and a 200-day moving average price of $55.03. The stock has a market cap of $8.31 billion, a P/E ratio of 19.42, a PEG ratio of 1.52 and a beta of 2.85.

Kinetik Dividend Announcement

The business also recently declared 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 5.93%. Kinetik's dividend payout ratio is presently 305.88%.

Analyst Ratings Changes

KNTK has been the topic of several research reports. Citigroup raised their price objective 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. Scotiabank lowered their price objective 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 lifted their target price on shares of Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a report on Thursday, December 19th. JPMorgan Chase & Co. lifted their target price on shares of Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a report on Wednesday, January 15th. Finally, Wells Fargo & Company lowered their target price on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $59.63.

Kinetik Company 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.