Kinetik Holdings Inc. (NASDAQ:KNTK) Stock Position Raised by CenterBook Partners LP

CenterBook Partners LP raised its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 36.8% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 55,279 shares of the company's stock after acquiring an additional 14,879 shares during the quarter. CenterBook Partners LP's holdings in Kinetik were worth $3,135,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Activity

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 transaction of $55,004,370.54. Following the sale, the insider now owns 657,583 shares in the company, valued at $34,628,320.78. This represents a 61.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 3.71% of the company's stock.

Kinetik Price Performance

Shares of KNTK stock traded up $0.35 during midday trading on Tuesday, hitting $43.49. The company had a trading volume of 165,519 shares, compared to its average volume of 602,564. The company's 50 day simple moving average is $53.55 and its 200 day simple moving average is $55.44. Kinetik Holdings Inc. has a 52-week low of $37.65 and a 52-week high of $67.60. The stock has a market cap of $6.86 billion, a price-to-earnings ratio of 16.05, a PEG ratio of 1.52 and a beta of 2.68.

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 7.17%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik's dividend payout ratio (DPR) is 305.88%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a report on Wednesday, January 15th. The Goldman Sachs Group upped their price objective on shares of Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. US Capital Advisors raised shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Scotiabank decreased their price target 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. Finally, Barclays cut their price objective 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. Three 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 an average rating of "Moderate Buy" and a consensus target price of $59.63.

Kinetik 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.