Connor Clark & Lunn Investment Management Ltd. bought 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 filing with the Securities & Exchange Commission. The fund bought 54,878 shares of the company's stock, valued at approximately $3,112,000.
Several other institutional investors have also modified their holdings of the company. Merewether Investment Management LP lifted its holdings in Kinetik by 56.6% in the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company's stock worth $29,976,000 after purchasing an additional 239,500 shares during the period. Raymond James Financial Inc. acquired a new stake in Kinetik in the 4th quarter valued at about $11,241,000. Point72 Asset Management L.P. lifted its holdings in Kinetik by 30.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 352,558 shares of the company's stock valued at $15,957,000 after acquiring an additional 82,600 shares during the last quarter. PDT Partners LLC purchased a new stake in Kinetik during the third quarter valued at about $3,297,000. Finally, Advisors Asset Management Inc. lifted its stake in Kinetik by 26.3% during the third quarter. Advisors Asset Management Inc. now owns 318,938 shares of the company's stock valued at $14,435,000 after buying an additional 66,329 shares in the last quarter. Institutional investors own 21.11% of the company's stock.
Kinetik Stock Performance
NASDAQ:KNTK traded down $1.07 on Friday, hitting $52.64. 804,771 shares of the stock were exchanged, compared to its average volume of 568,946. The stock has a market capitalization of $8.31 billion, a price-to-earnings ratio of 19.42, a P/E/G ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a 52 week low of $37.04 and a 52 week high of $67.60. The company's 50-day moving average price is $59.64 and its 200 day moving average price is $54.98.
Kinetik Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $3.12 annualized dividend and a dividend yield of 5.93%. Kinetik's payout ratio is currently 305.88%.
Insider Transactions at Kinetik
In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total value of $219,873,736.53. Following the completion of the transaction, the insider now directly owns 1,044,520 shares in the company, valued at approximately $58,106,647.60. The trade was a 79.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.71% of the company's stock.
Wall Street Analysts Forecast Growth
KNTK has been the topic of a number of research reports. Scotiabank dropped their target price on Kinetik from $62.00 to $60.00 and set a "sector outperform" rating on the stock in a report on Thursday, March 6th. Citigroup increased their price target on Kinetik from $54.00 to $58.00 and gave the company a "neutral" rating in a report on Monday, December 16th. Royal Bank of Canada reduced 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. JPMorgan Chase & Co. increased their price objective on Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 15th. Finally, The Goldman Sachs Group increased their price objective on Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $59.63.
Read Our Latest Report on Kinetik
Kinetik 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.
Featured Stories
Before you consider Kinetik, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Kinetik wasn't on the list.
While Kinetik currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Which stocks are hedge funds and endowments buying in today's market? Enter your email address and we'll send you MarketBeat's list of thirteen stocks that institutional investors are buying now.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
