Maridea Wealth Management LLC Makes New Investment in Kinetik Holdings Inc. (NASDAQ:KNTK)

Maridea Wealth Management LLC bought a new position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 9,462 shares of the company's stock, valued at approximately $537,000.

A number of other hedge funds have also recently modified their holdings of the business. Pictet Asset Management Holding SA grew its holdings in Kinetik by 8,475.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company's stock worth $24,442,000 after acquiring an additional 425,977 shares in the last quarter. Prudential Financial Inc. raised its stake in Kinetik by 391.1% in the 4th quarter. Prudential Financial Inc. now owns 392,343 shares of the company's stock worth $22,250,000 after acquiring an additional 312,458 shares during the last quarter. Merewether Investment Management LP boosted its position in Kinetik by 56.6% in the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company's stock valued at $29,976,000 after buying an additional 239,500 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Kinetik during the fourth quarter worth $11,241,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Kinetik by 54.1% during the 4th quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company's stock valued at $13,794,000 after buying an additional 85,378 shares during the last quarter. Institutional investors own 21.11% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on KNTK. Barclays reduced their target price on Kinetik from $61.00 to $57.00 and set an "equal weight" rating for the company in a research note on Thursday, March 6th. JPMorgan Chase & Co. raised their price objective 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. The Goldman Sachs Group increased their price target on Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a report on Thursday, December 19th. Citigroup upped their price target on Kinetik from $54.00 to $58.00 and gave the stock a "neutral" rating in a research note on Monday, December 16th. Finally, Royal Bank of Canada cut their price target on Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.63.

Kinetik Stock Performance

Shares of NASDAQ:KNTK traded up $0.72 during trading on Wednesday, reaching $53.84. 501,614 shares of the stock were exchanged, compared to its average volume of 578,476. Kinetik Holdings Inc. has a 12-month low of $37.65 and a 12-month high of $67.60. The firm has a market cap of $8.49 billion, a price-to-earnings ratio of 19.87, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85. The firm's 50-day moving average price is $57.90 and its 200 day moving average price is $55.61.

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. This represents a $3.12 annualized dividend and a dividend yield of 5.79%. The ex-dividend date was Monday, February 3rd. Kinetik's dividend payout ratio (DPR) is currently 305.88%.

Insider Activity at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock in a transaction that occurred 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 sale, the insider now owns 657,583 shares of the company's stock, valued at approximately $34,628,320.78. The trade was a 61.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.71% of the stock is owned by corporate insiders.

About Kinetik

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.