Geode Capital Management LLC Sells 8,008 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Geode Capital Management LLC decreased its position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 0.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 869,879 shares of the company's stock after selling 8,008 shares during the quarter. Geode Capital Management LLC owned approximately 0.55% of Kinetik worth $49,342,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Pictet Asset Management Holding SA lifted its stake in shares of Kinetik by 8,475.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company's stock worth $24,442,000 after purchasing an additional 425,977 shares during the period. Prudential Financial Inc. boosted its stake in shares of Kinetik by 391.1% during the 4th quarter. Prudential Financial Inc. now owns 392,343 shares of the company's stock worth $22,250,000 after acquiring an additional 312,458 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Kinetik during the 4th quarter valued at $11,241,000. JPMorgan Chase & Co. raised its holdings in Kinetik by 54.1% in the 4th quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company's stock worth $13,794,000 after purchasing an additional 85,378 shares during the period. Finally, Vanguard Group Inc. lifted its position in Kinetik by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company's stock valued at $226,967,000 after purchasing an additional 72,760 shares in the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Kinetik Stock Up 0.9 %

NASDAQ KNTK traded up $0.41 during trading on Friday, hitting $43.73. 733,604 shares of the stock traded hands, compared to its average volume of 606,877. The company has a market capitalization of $6.90 billion, a P/E ratio of 16.14, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68. Kinetik Holdings Inc. has a 12-month low of $37.65 and a 12-month high of $67.60. The firm has a 50-day simple moving average of $51.99 and a 200-day simple moving average of $55.31.

Kinetik Announces Dividend

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

Insider Transactions at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the business's stock in a transaction that occurred 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 transaction, the insider now owns 657,583 shares of the company's stock, valued at approximately $34,628,320.78. The trade was a 61.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 3.71% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. JPMorgan Chase & Co. raised 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. Barclays lifted their price target on shares of Kinetik from $57.00 to $58.00 and gave the company an "equal weight" rating in a report on Wednesday. Scotiabank lowered 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 note on Thursday, March 6th. Royal Bank of Canada cut their price target on Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Finally, Wells Fargo & Company lowered their price objective on Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Friday, February 28th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Kinetik presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.75.

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.