Cohen & Steers Inc. Reduces Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Cohen & Steers Inc. lowered its position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 1.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 758,449 shares of the company's stock after selling 10,564 shares during the period. Cohen & Steers Inc. owned about 0.48% of Kinetik worth $43,012,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Harbor Capital Advisors Inc. lifted its holdings in Kinetik by 2.0% during the fourth quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company's stock valued at $515,000 after purchasing an additional 174 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Kinetik by 72.0% in the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company's stock worth $29,000 after acquiring an additional 213 shares during the period. Private Advisor Group LLC grew its position in shares of Kinetik by 5.3% during the fourth quarter. Private Advisor Group LLC now owns 8,859 shares of the company's stock worth $502,000 after purchasing an additional 448 shares in the last quarter. Fifth Third Bancorp bought a new stake in Kinetik during the 4th quarter valued at approximately $26,000. Finally, Canton Hathaway LLC purchased a new position in Kinetik in the 4th quarter worth approximately $28,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

Kinetik Stock Up 0.9 %

Shares of Kinetik stock traded up $0.41 on Friday, hitting $43.73. 733,604 shares of the company were exchanged, compared to its average volume of 606,887. Kinetik Holdings Inc. has a 1-year low of $37.65 and a 1-year high of $67.60. The stock has a market capitalization of $6.90 billion, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68. The company has a 50-day moving average price of $51.99 and a 200 day moving average price of $55.25.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 2nd. Shareholders of record on Friday, April 25th will be paid a dividend of $0.78 per share. The ex-dividend date of this dividend is Friday, April 25th. This represents a $3.12 annualized dividend and a yield of 7.13%. Kinetik's dividend payout ratio (DPR) is 305.88%.

Insider Buying and Selling at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the stock in a transaction dated 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 transaction, the insider now owns 657,583 shares of the company's stock, valued at approximately $34,628,320.78. This represents a 61.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.71% of the company's stock.

Analysts Set New Price Targets

KNTK has been the subject of a number of recent research reports. Royal Bank of Canada cut their target price on shares of 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. boosted their target price on shares of Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a research note on Wednesday, January 15th. Wells Fargo & Company dropped their price objective on Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Friday, February 28th. US Capital Advisors raised shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Finally, Scotiabank cut their target price on shares of Kinetik from $62.00 to $60.00 and set a "sector outperform" rating on the stock in a research report on Thursday, March 6th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $59.75.

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.