Arrowstreet Capital Limited Partnership Takes $634,000 Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Arrowstreet Capital Limited Partnership acquired a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 11,188 shares of the company's stock, valued at approximately $634,000.

Several other large investors have also recently bought and sold shares of the business. Fifth Third Bancorp acquired a new stake in shares of Kinetik during the 4th quarter valued at approximately $26,000. Canton Hathaway LLC acquired a new stake in shares of Kinetik in the fourth quarter valued at approximately $28,000. GAMMA Investing LLC increased its stake in shares of Kinetik by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company's stock worth $29,000 after purchasing an additional 213 shares in the last quarter. Rialto Wealth Management LLC acquired a new position in shares of Kinetik during the 4th quarter worth approximately $34,000. Finally, EverSource Wealth Advisors LLC purchased a new stake in Kinetik in the 4th quarter valued at approximately $67,000. Hedge funds and other institutional investors own 21.11% of the company's stock.

Kinetik Trading Up 2.2 %

KNTK traded up $0.97 during trading on Thursday, hitting $44.29. 56,667 shares of the company's stock were exchanged, compared to its average volume of 603,091. The stock has a 50 day moving average price of $52.77 and a 200 day moving average price of $55.27. Kinetik Holdings Inc. has a 1 year low of $37.65 and a 1 year high of $67.60. The firm has a market cap of $6.99 billion, a P/E ratio of 16.32, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68.

Kinetik Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 2nd. Shareholders of record on Friday, April 25th will be paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.04%. The ex-dividend date of this dividend is Friday, April 25th. Kinetik's dividend payout ratio is presently 305.88%.

Analysts Set New Price Targets

Several research firms have weighed in on KNTK. Royal Bank of Canada dropped their price target on Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. JPMorgan Chase & Co. lifted their price objective on Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 15th. US Capital Advisors raised shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Barclays lifted their price target on shares of Kinetik from $57.00 to $58.00 and gave the stock an "equal weight" rating in a report on Wednesday. Finally, Scotiabank reduced 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 note on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Kinetik has a consensus rating of "Moderate Buy" and an average target price of $59.75.

Insider Transactions at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the business's stock in a transaction 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 directly owns 1,044,520 shares of the company's stock, valued at approximately $58,106,647.60. The trade was a 79.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 3.71% of the company's stock.

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.