NewEdge Advisors LLC lifted its position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 95.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 44,937 shares of the company's stock after purchasing an additional 21,986 shares during the quarter. NewEdge Advisors LLC's holdings in Kinetik were worth $2,548,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Kinetik by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company's stock valued at $226,967,000 after buying an additional 72,760 shares during the last quarter. Invesco Ltd. raised its position in Kinetik by 3.0% in the fourth quarter. Invesco Ltd. now owns 1,247,843 shares of the company's stock valued at $70,765,000 after purchasing an additional 36,362 shares during the period. Geode Capital Management LLC lifted its stake in Kinetik by 1.6% during the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company's stock worth $39,742,000 after purchasing an additional 13,644 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Kinetik by 12.5% in the fourth quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company's stock valued at $27,675,000 after buying an additional 54,081 shares in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in Kinetik by 10.5% during the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 440,000 shares of the company's stock valued at $24,952,000 after acquiring an additional 41,864 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the 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 of the company's stock, valued at $34,628,320.78. This trade represents a 61.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.83% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on KNTK shares. Royal Bank of Canada cut their target price on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. JPMorgan Chase & Co. upped their price objective on Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 15th. Scotiabank decreased their target price on 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, Barclays raised their price objective on shares of Kinetik from $57.00 to $58.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 16th. Three investment 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 has a consensus rating of "Moderate Buy" and an average price target of $59.75.
Read Our Latest Analysis on Kinetik
Kinetik Stock Up 3.4 %
NASDAQ:KNTK traded up $1.41 during trading hours on Thursday, reaching $43.25. 710,240 shares of the company's stock were exchanged, compared to its average volume of 610,521. Kinetik Holdings Inc. has a 1-year low of $37.65 and a 1-year high of $67.60. The firm has a market capitalization of $6.82 billion, a price-to-earnings ratio of 15.96, a P/E/G ratio of 1.52 and a beta of 2.68. The company has a 50-day moving average of $50.44 and a 200 day moving average of $55.09.
Kinetik Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 2nd. Stockholders of record on Friday, April 25th will be paid a dividend of $0.78 per share. The ex-dividend date is Friday, April 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.21%. Kinetik's dividend payout ratio (DPR) is 305.88%.
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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