Kayne Anderson Capital Advisors LP Trims Stock Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Kayne Anderson Capital Advisors LP lowered its stake in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 17.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 795,311 shares of the company's stock after selling 163,918 shares during the quarter. Kinetik comprises 1.1% of Kayne Anderson Capital Advisors LP's portfolio, making the stock its 19th biggest holding. Kayne Anderson Capital Advisors LP owned 0.50% of Kinetik worth $45,102,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in KNTK. Harbor Capital Advisors Inc. lifted its position in shares of Kinetik by 2.0% in the fourth quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company's stock valued at $515,000 after acquiring an additional 174 shares in the last quarter. GAMMA Investing LLC lifted 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 worth $29,000 after buying an additional 213 shares in the last quarter. Private Advisor Group LLC lifted its stake in Kinetik by 5.3% in the 4th 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 position in Kinetik during the fourth quarter valued at approximately $26,000. Finally, Canton Hathaway LLC bought a new position in shares of Kinetik during the 4th quarter valued at approximately $28,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the transaction, the insider now owns 1,044,520 shares in the company, valued at approximately $58,106,647.60. This trade represents a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 3.71% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. The Goldman Sachs Group increased their price objective on shares of Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Citigroup increased their price target on shares of Kinetik from $54.00 to $58.00 and gave the company a "neutral" rating in a report on Monday, December 16th. Barclays reduced their price objective on Kinetik from $61.00 to $57.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 6th. JPMorgan Chase & Co. raised their price objective on Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a research note on Wednesday, January 15th. Finally, Scotiabank cut their target price on 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 research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $58.25.

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Kinetik Stock Performance

KNTK opened at $51.02 on Wednesday. The stock's 50 day moving average price is $60.45 and its 200-day moving average price is $54.66. Kinetik Holdings Inc. has a one year low of $35.19 and a one year high of $67.60. The stock has a market cap of $8.05 billion, a price-to-earnings ratio of 18.83, a P/E/G ratio of 1.52 and a beta of 2.85.

Kinetik Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 6.12%. The ex-dividend date was Monday, February 3rd. Kinetik's dividend payout ratio is presently 305.88%.

Kinetik 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.

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