Kinetik Holdings Inc. (NASDAQ:KNTK) Stock Holdings Increased by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 12.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 488,011 shares of the company's stock after purchasing an additional 54,081 shares during the quarter. Bank of New York Mellon Corp owned 0.31% of Kinetik worth $27,675,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in KNTK. Geode Capital Management LLC boosted its position in Kinetik by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company's stock valued at $39,742,000 after buying an additional 13,644 shares during the last quarter. Merewether Investment Management LP lifted its stake in shares of Kinetik by 56.6% in the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company's stock worth $29,976,000 after acquiring an additional 239,500 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in Kinetik by 10.5% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 440,000 shares of the company's stock valued at $24,952,000 after purchasing an additional 41,864 shares during the last quarter. Point72 Asset Management L.P. grew its stake in Kinetik by 30.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 352,558 shares of the company's stock valued at $15,957,000 after purchasing an additional 82,600 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in 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. 21.11% of the stock is owned by institutional investors and hedge funds.

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Insider Transactions at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the company's stock in a transaction dated 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 completion of the transaction, the insider now owns 1,044,520 shares in the company, valued at approximately $58,106,647.60. This represents a 79.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.71% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Wells Fargo & Company reduced 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. Barclays reduced their price objective on shares of Kinetik from $61.00 to $57.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 6th. Citigroup boosted their target price 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. JPMorgan Chase & Co. increased their price target on shares of Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 15th. Finally, The Goldman Sachs Group lifted their price target on Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $58.25.

Kinetik Price Performance

Shares of NASDAQ:KNTK traded up $1.14 during trading on Wednesday, reaching $52.07. 1,085,857 shares of the company's stock traded hands, compared to its average volume of 858,723. The stock has a market capitalization of $8.21 billion, a P/E ratio of 19.21, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a 12 month low of $35.19 and a 12 month high of $67.60. The company has a 50 day moving average of $60.45 and a 200-day moving average of $54.66.

Kinetik Announces Dividend

The business also recently announced 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. This represents a $3.12 annualized dividend and a dividend yield of 5.99%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik's dividend payout ratio (DPR) is presently 305.88%.

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.