HighTower Advisors LLC Buys 12,638 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

HighTower Advisors LLC increased its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 30.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 54,457 shares of the company's stock after acquiring an additional 12,638 shares during the quarter. HighTower Advisors LLC's holdings in Kinetik were worth $3,088,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of KNTK. Fifth Third Bancorp acquired a new position in shares of Kinetik in the 4th quarter valued at approximately $26,000. Canton Hathaway LLC acquired a new position in shares of Kinetik in the fourth quarter valued at approximately $28,000. GAMMA Investing LLC increased its position in shares of Kinetik by 72.0% during 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. Rialto Wealth Management LLC acquired a new stake in shares of Kinetik during the fourth quarter worth $34,000. Finally, Bright Futures Wealth Management LLC. bought a new stake in Kinetik in the 4th quarter valued at $189,000. Institutional investors and hedge funds own 21.11% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Barclays dropped their price target 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. 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 note on Thursday, March 6th. Wells Fargo & Company decreased their price target on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. JPMorgan Chase & Co. lifted their price objective on shares of Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a report on Wednesday, January 15th. Finally, The Goldman Sachs Group increased their target price on shares of Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a report on Thursday, December 19th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.63.

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Kinetik Trading Down 1.1 %

Shares of KNTK traded down $0.59 during midday trading on Tuesday, reaching $53.02. The stock had a trading volume of 779,081 shares, compared to its average volume of 566,330. The firm has a market cap of $8.37 billion, a PE ratio of 19.56, a P/E/G ratio of 1.52 and a beta of 2.85. The firm has a 50 day simple moving average of $59.35 and a 200-day simple moving average of $55.26. Kinetik Holdings Inc. has a one year low of $37.65 and a one year high of $67.60.

Kinetik Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were paid a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $3.12 annualized dividend and a dividend yield of 5.88%. Kinetik's dividend payout ratio is currently 305.88%.

Insider Buying and Selling

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the completion of the sale, the insider now owns 1,044,520 shares of the company's stock, valued at approximately $58,106,647.60. The trade was a 79.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.71% of the stock is owned by insiders.

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.