Cinctive Capital Management LP purchased a new stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 16,406 shares of the company's stock, valued at approximately $930,000.
Several other institutional investors have also modified their holdings of KNTK. Fifth Third Bancorp acquired a new position in Kinetik during the 4th quarter valued at about $26,000. Canton Hathaway LLC acquired a new position in shares of Kinetik during the fourth quarter worth approximately $28,000. GAMMA Investing LLC grew its holdings in Kinetik by 72.0% in the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company's stock worth $29,000 after buying an additional 213 shares in the last quarter. Rialto Wealth Management LLC acquired a new stake in Kinetik in the 4th quarter valued at approximately $34,000. Finally, EverSource Wealth Advisors LLC bought a new stake in Kinetik during the 4th quarter valued at $67,000. Institutional investors own 21.11% of the company's stock.
Insider Activity
In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were 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 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 can be accessed through the SEC website. Corporate insiders own 3.71% of the company's stock.
Kinetik Stock Up 7.2 %
Shares of NASDAQ KNTK traded up $3.01 during mid-day trading on Wednesday, hitting $45.05. 2,166,384 shares of the company traded hands, compared to its average volume of 597,955. The business has a 50 day moving average of $54.84 and a two-hundred day moving average of $55.45. The stock has a market capitalization of $7.11 billion, a price-to-earnings ratio of 16.62, a PEG ratio of 1.52 and a beta of 2.68. Kinetik Holdings Inc. has a 1 year low of $37.65 and a 1 year high of $67.60.
Kinetik Announces Dividend
The company also recently declared 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 6.93%. Kinetik's dividend payout ratio is currently 305.88%.
Analyst Ratings Changes
A number of brokerages have recently commented on KNTK. The Goldman Sachs Group raised their price target on Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a report on Thursday, December 19th. Scotiabank lowered their price objective 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. Royal Bank of Canada cut their target price on Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Barclays cut their price objective on Kinetik from $61.00 to $57.00 and set an "equal weight" rating for the company in a report on Thursday, March 6th. Finally, JPMorgan Chase & Co. lifted 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. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $59.63.
View Our Latest Stock Analysis on KNTK
Kinetik Company Profile
(
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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