Fox Run Management L.L.C. Buys New Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

Fox Run Management L.L.C. acquired a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 9,923 shares of the company's stock, valued at approximately $563,000.

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

Analyst Ratings Changes

KNTK has been the topic of a number of recent analyst reports. Barclays reduced their price objective on shares of Kinetik from $61.00 to $57.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 6th. Wells Fargo & Company reduced their price target on Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. JPMorgan Chase & Co. boosted their price objective on Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a report on Wednesday, January 15th. Royal Bank of Canada reduced their target price on Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Finally, The Goldman Sachs Group boosted their target price on shares of Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $59.63.

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Kinetik Stock Down 0.7 %

Shares of KNTK stock traded down $0.38 on Friday, hitting $51.11. The stock had a trading volume of 488,006 shares, compared to its average volume of 579,407. Kinetik Holdings Inc. has a one year low of $37.65 and a one year high of $67.60. The business has a 50 day moving average price of $58.43 and a 200 day moving average price of $55.33. The company has a market cap of $8.06 billion, a PE ratio of 18.86, a P/E/G ratio of 1.52 and a beta of 2.85.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were given a $0.78 dividend. The ex-dividend date was Monday, February 3rd. This represents a $3.12 annualized dividend and a dividend yield of 6.10%. Kinetik's payout ratio is presently 305.88%.

Insider Activity

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

About Kinetik

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.