JPMorgan Chase & Co. grew its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 54.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 243,236 shares of the company's stock after purchasing an additional 85,378 shares during the period. JPMorgan Chase & Co. owned approximately 0.15% of Kinetik worth $13,794,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in KNTK. Harbor Capital Advisors Inc. increased its stake in Kinetik by 2.0% during the 4th quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company's stock worth $515,000 after buying an additional 174 shares during the period. GAMMA Investing LLC lifted its stake 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 acquiring an additional 213 shares in the last quarter. Private Advisor Group LLC boosted its holdings in Kinetik by 5.3% in the fourth quarter. Private Advisor Group LLC now owns 8,859 shares of the company's stock valued at $502,000 after purchasing an additional 448 shares during the last quarter. Fifth Third Bancorp acquired a new position in shares of Kinetik in the 4th quarter valued at approximately $26,000. Finally, Canton Hathaway LLC purchased a new position in shares of Kinetik during the 4th quarter valued at approximately $28,000. 21.11% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research firms recently issued reports on KNTK. Barclays upped 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. Royal Bank of Canada lowered their price target on Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Scotiabank lowered their target price on shares of Kinetik from $62.00 to $60.00 and set a "sector outperform" rating for the company in a research note on Thursday, March 6th. Finally, JPMorgan Chase & Co. raised their price target on shares of Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 15th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $59.75.
View Our Latest Stock Analysis on KNTK
Kinetik Stock Performance
Shares of KNTK traded up $0.92 during mid-day trading on Thursday, reaching $44.24. 56,667 shares of the company's stock traded hands, compared to its average volume of 856,745. Kinetik Holdings Inc. has a 12 month low of $37.65 and a 12 month high of $67.60. The stock has a market capitalization of $6.98 billion, a P/E ratio of 16.32, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68. The business's 50-day moving average price is $52.77 and its 200-day moving average price is $55.27.
Kinetik Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 2nd. Stockholders of record on Friday, April 25th will be issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.05%. The ex-dividend date of this dividend is Friday, April 25th. Kinetik's dividend payout ratio (DPR) is 305.88%.
Insider Activity at Kinetik
In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the 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 directly owns 657,583 shares in the company, valued at $34,628,320.78. This trade represents a 61.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.71% of the company's stock.
About Kinetik
(
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.
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