Charles Schwab Investment Management Inc. Increases Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Charles Schwab Investment Management Inc. grew its position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 1.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 313,510 shares of the company's stock after acquiring an additional 5,581 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.20% of Kinetik worth $17,779,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Canton Hathaway LLC purchased a new position in shares of Kinetik in the fourth quarter valued at approximately $28,000. Los Angeles Capital Management LLC purchased a new position in shares of Kinetik in the fourth quarter valued at approximately $776,000. Bank of New York Mellon Corp lifted its position in shares of Kinetik by 12.5% in the fourth quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company's stock valued at $27,675,000 after acquiring an additional 54,081 shares in the last quarter. Dividend Assets Capital LLC purchased a new position in shares of Kinetik in the fourth quarter valued at approximately $527,000. Finally, Hussman Strategic Advisors Inc. purchased a new position in shares of Kinetik in the fourth quarter valued at approximately $1,191,000. Hedge funds and other institutional investors own 21.11% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on KNTK shares. The Goldman Sachs Group raised their target price on Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. 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. Royal Bank of Canada cut their price target on Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. increased their price target on Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a report on Wednesday, January 15th. Finally, Scotiabank cut their price target on Kinetik from $62.00 to $60.00 and set a "sector outperform" rating for the company in a report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $59.63.

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Insider Activity

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock in a transaction 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 completion of the transaction, the insider now directly owns 657,583 shares in the company, valued at approximately $34,628,320.78. This trade represents a 61.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 3.71% of the company's stock.

Kinetik Trading Down 2.0 %

KNTK stock traded down $1.07 during midday trading on Friday, hitting $52.64. 804,771 shares of the company's stock were exchanged, compared to its average volume of 566,046. Kinetik Holdings Inc. has a 1-year low of $37.65 and a 1-year high of $67.60. The business has a 50-day simple moving average of $59.49 and a two-hundred day simple moving average of $55.12. The stock has a market capitalization of $8.31 billion, a PE ratio of 19.42, a P/E/G ratio of 1.52 and a beta of 2.85.

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 paid a $0.78 dividend. The ex-dividend date was Monday, February 3rd. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.93%. Kinetik's payout ratio is presently 305.88%.

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.