52,964 Shares in Kinetik Holdings Inc. (NASDAQ:KNTK) Purchased by FIL Ltd

FIL Ltd purchased a new position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 52,964 shares of the company's stock, valued at approximately $3,004,000.

Several other large investors also recently modified their holdings of the company. Fifth Third Bancorp bought a new stake in Kinetik during the 4th quarter worth approximately $26,000. Canton Hathaway LLC bought a new stake in shares of Kinetik in the 4th quarter worth $28,000. GAMMA Investing LLC raised its holdings in shares of Kinetik by 72.0% in the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company's stock valued at $29,000 after purchasing an additional 213 shares during the last quarter. Rialto Wealth Management LLC purchased a new position in Kinetik during the fourth quarter worth about $34,000. Finally, EverSource Wealth Advisors LLC purchased a new stake in Kinetik in the 4th quarter valued at about $67,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Barclays increased their price target on shares of Kinetik from $57.00 to $58.00 and gave the company an "equal weight" rating in a research report on Wednesday. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. The Goldman Sachs Group upped their price target on Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Wells Fargo & Company lowered their price objective on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a report on Friday, February 28th. Finally, Scotiabank decreased 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 issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $59.75.

Insiders Place Their Bets

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock in a transaction that occurred on Monday, March 17th. The shares were 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 owns 657,583 shares in the company, valued at approximately $34,628,320.78. The trade was a 61.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.71% of the stock is currently owned by corporate insiders.

Kinetik Price Performance

NASDAQ:KNTK traded up $0.41 during mid-day trading on Friday, hitting $43.73. The company's stock had a trading volume of 733,604 shares, compared to its average volume of 606,216. The business's fifty day moving average is $52.37 and its two-hundred day moving average is $55.26. The stock has a market cap of $6.90 billion, a price-to-earnings ratio of 16.14, 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 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 2nd. Investors of record on Friday, April 25th will be paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 7.13%. The ex-dividend date is Friday, April 25th. Kinetik's dividend payout ratio is presently 305.88%.

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.