Atria Investments Inc 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 Form 13F filing with the Securities & Exchange Commission. The fund acquired 7,267 shares of the company's stock, valued at approximately $412,000.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. acquired a new position in Kinetik during the third quarter worth about $921,000. Quest Partners LLC increased its stake in shares of Kinetik by 261.7% during the 3rd quarter. Quest Partners LLC now owns 41,448 shares of the company's stock worth $1,876,000 after purchasing an additional 29,988 shares in the last quarter. Advisors Asset Management Inc. raised its position in shares of Kinetik by 26.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 318,938 shares of the company's stock worth $14,435,000 after purchasing an additional 66,329 shares during the last quarter. Intech Investment Management LLC purchased a new stake in Kinetik in the 3rd quarter valued at approximately $558,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Kinetik by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 307,929 shares of the company's stock valued at $13,937,000 after buying an additional 9,882 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.
Analysts Set New Price Targets
A number of research firms recently commented on KNTK. The Goldman Sachs Group increased their price objective on Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Scotiabank lowered their price target on shares of Kinetik from $62.00 to $60.00 and set a "sector outperform" rating for the company in a report on Thursday, March 6th. JPMorgan Chase & Co. boosted their price objective on shares of Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a research report on Wednesday, January 15th. Wells Fargo & Company decreased their target price on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Friday, February 28th. Finally, Barclays cut their price target on Kinetik from $61.00 to $57.00 and set an "equal weight" rating for the company in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $59.63.
Check Out Our Latest Report on Kinetik
Kinetik Price Performance
KNTK stock traded down $0.58 on Thursday, hitting $53.74. 323,197 shares of the company were exchanged, compared to its average volume of 569,125. The stock has a market capitalization of $8.48 billion, a price-to-earnings ratio of 19.89, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a twelve month low of $36.84 and a twelve month high of $67.60. The business's fifty day moving average is $59.76 and its two-hundred day moving average is $54.99.
Kinetik Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were issued a dividend of $0.78 per share. The ex-dividend date was Monday, February 3rd. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.81%. Kinetik's payout ratio is 305.88%.
Insider Buying and Selling
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 sale, the insider now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.71% of the company's stock.
Kinetik Company Profile
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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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