Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Bought by Bornite Capital Management LP

Bornite Capital Management LP increased its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 25.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 438,000 shares of the company's stock after buying an additional 88,000 shares during the period. Kinetik comprises 3.3% of Bornite Capital Management LP's investment portfolio, making the stock its 12th largest holding. Bornite Capital Management LP owned approximately 0.28% of Kinetik worth $24,839,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in KNTK. Barclays PLC grew its stake in Kinetik by 34.5% during the 3rd quarter. Barclays PLC now owns 234,286 shares of the company's stock worth $10,603,000 after purchasing an additional 60,058 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Kinetik by 14,124.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company's stock worth $820,000 after buying an additional 13,842 shares during the last quarter. Principal Financial Group Inc. acquired a new position in shares of Kinetik during the 3rd quarter worth about $921,000. Geode Capital Management LLC raised its position in shares of Kinetik by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company's stock worth $39,742,000 after acquiring an additional 13,644 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Kinetik by 53.5% in the third quarter. JPMorgan Chase & Co. now owns 157,858 shares of the company's stock valued at $7,145,000 after purchasing an additional 55,050 shares during the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Kinetik Stock Down 5.2 %

Shares of NASDAQ KNTK traded down $2.20 on Wednesday, hitting $39.84. The company had a trading volume of 528,653 shares, compared to its average volume of 591,071. The business has a 50 day moving average of $55.64 and a two-hundred day moving average of $55.54. The firm has a market capitalization of $6.29 billion, a P/E ratio of 14.70, a PEG ratio of 1.52 and a beta of 2.68. Kinetik Holdings Inc. has a 12-month low of $37.65 and a 12-month high of $67.60.

Kinetik Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were given a $0.78 dividend. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $3.12 dividend on an annualized basis and a yield of 7.83%. Kinetik's payout ratio is currently 305.88%.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $52.66, for a total value of $55,004,370.54. Following the transaction, the insider now directly owns 657,583 shares of the company's stock, valued at $34,628,320.78. This represents a 61.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 3.71% of the company's stock.

Analyst Upgrades and Downgrades

KNTK has been the topic of several recent research reports. The Goldman Sachs Group boosted their price target on Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Royal Bank of Canada decreased their target price on Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Barclays cut their price target on Kinetik from $61.00 to $57.00 and set an "equal weight" rating for the company in a research note on Thursday, March 6th. Citigroup lifted 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. Finally, Scotiabank cut their target price on shares of Kinetik from $62.00 to $60.00 and set a "sector outperform" rating for the company in a research note on Thursday, March 6th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.