Nebula Research & Development LLC raised its stake in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 34.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,839 shares of the company's stock after acquiring an additional 7,884 shares during the quarter. Nebula Research & Development LLC's holdings in Kinetik were worth $1,749,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in KNTK. Vanguard Group Inc. raised its stake in Kinetik by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company's stock valued at $226,967,000 after purchasing an additional 72,760 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Kinetik by 3.0% during the fourth quarter. Invesco Ltd. now owns 1,247,843 shares of the company's stock worth $70,765,000 after buying an additional 36,362 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Kinetik by 7.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 629,326 shares of the company's stock valued at $35,689,000 after buying an additional 43,629 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Kinetik by 12.5% during 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 during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in shares of Kinetik by 10.5% during the fourth 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 buying an additional 41,864 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.
Kinetik Stock Performance
Shares of NASDAQ:KNTK traded down $0.47 during midday trading on Tuesday, hitting $42.97. 666,999 shares of the company's stock traded hands, compared to its average volume of 613,377. The firm's fifty day moving average price is $49.74 and its two-hundred day moving average price is $55.09. Kinetik Holdings Inc. has a twelve month low of $37.65 and a twelve month high of $67.60. The company has a market cap of $6.78 billion, a PE ratio of 15.86, a P/E/G ratio of 1.52 and a beta of 2.68.
Kinetik Announces Dividend
The business 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 $0.78 dividend. The ex-dividend date of this dividend is Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.26%. Kinetik's dividend payout ratio (DPR) is currently 305.88%.
Insider Activity at Kinetik
In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the business's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total value of $219,873,736.53. Following the transaction, the insider now owns 1,044,520 shares in the company, valued at $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 available through the SEC website. Company insiders own 3.83% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts have weighed in on the company. Royal Bank of Canada cut 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. Wells Fargo & Company dropped their target price on Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. Scotiabank decreased their price target 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. JPMorgan Chase & Co. lifted their price target on Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a report on Wednesday, January 15th. Finally, Barclays boosted their target price on shares of Kinetik from $57.00 to $58.00 and gave the company an "equal weight" rating in a report on Wednesday, April 16th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $58.56.
Check Out Our Latest Stock Analysis on KNTK
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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