Renaissance Technologies LLC Lowers Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Renaissance Technologies LLC cut its position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 9.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 654,262 shares of the company's stock after selling 64,900 shares during the quarter. Renaissance Technologies LLC owned 0.42% of Kinetik worth $37,103,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in KNTK. Fifth Third Bancorp acquired a new position in shares of Kinetik in the fourth quarter worth approximately $26,000. Canton Hathaway LLC acquired a new stake in Kinetik during the fourth quarter worth approximately $28,000. GAMMA Investing LLC increased its holdings in Kinetik by 72.0% in the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company's stock worth $29,000 after purchasing an additional 213 shares in the last quarter. Rialto Wealth Management LLC bought a new position in shares of Kinetik during the 4th quarter worth approximately $34,000. Finally, EverSource Wealth Advisors LLC acquired a new stake in shares of Kinetik during the 4th quarter worth approximately $67,000. 21.11% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on KNTK shares. Scotiabank dropped their price objective on shares of Kinetik from $62.00 to $60.00 and set a "sector outperform" rating on the stock in a report on Thursday, March 6th. The Goldman Sachs Group boosted their price objective on Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a report on Thursday, December 19th. JPMorgan Chase & Co. increased their target price on shares of Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a report on Wednesday, January 15th. Wells Fargo & Company decreased their price objective 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. Finally, US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $59.75.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the company's stock in a transaction dated 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 sale, the insider now directly owns 1,044,520 shares in the company, valued at $58,106,647.60. This represents a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 3.71% of the company's stock.

Kinetik Trading Up 3.1 %

Shares of KNTK stock traded up $1.36 on Thursday, hitting $44.68. 109,948 shares of the stock were exchanged, compared to its average volume of 603,324. The firm's 50 day moving average is $52.77 and its two-hundred day moving average is $55.27. Kinetik Holdings Inc. has a one year low of $37.65 and a one year high of $67.60. The firm has a market capitalization of $7.05 billion, a PE ratio of 16.46, a P/E/G ratio of 1.52 and a beta of 2.68.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 2nd. Investors of record on Friday, April 25th will be paid a $0.78 dividend. The ex-dividend date is Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a yield of 6.98%. Kinetik's dividend payout ratio is 305.88%.

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.