Pictet Asset Management Holding SA Raises Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Pictet Asset Management Holding SA raised its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 8,475.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 431,003 shares of the company's stock after buying an additional 425,977 shares during the quarter. Pictet Asset Management Holding SA owned about 0.27% of Kinetik worth $24,442,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its holdings in shares of Kinetik by 54.1% in the 4th quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company's stock worth $13,794,000 after buying an additional 85,378 shares during the last quarter. Prudential Financial Inc. boosted its position in Kinetik by 391.1% during the 4th quarter. Prudential Financial Inc. now owns 392,343 shares of the company's stock valued at $22,250,000 after buying an additional 312,458 shares during the period. Vanguard Group Inc. grew its holdings in Kinetik by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company's stock worth $226,967,000 after acquiring an additional 72,760 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in Kinetik in the 4th quarter worth $563,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Kinetik in the fourth quarter valued at about $822,000. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the firm's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total value of $219,873,736.53. Following the transaction, the insider now directly owns 1,044,520 shares of the company's stock, valued at approximately $58,106,647.60. This trade represents a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.71% of the company's stock.

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Kinetik Stock Performance

Shares of NASDAQ:KNTK traded down $5.34 during trading on Friday, reaching $43.81. 1,027,820 shares of the stock traded hands, compared to its average volume of 581,080. The stock has a 50-day moving average of $57.34 and a two-hundred day moving average of $55.56. Kinetik Holdings Inc. has a 52-week low of $37.65 and a 52-week high of $67.60. The stock has a market cap of $6.91 billion, a P/E ratio of 16.25, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 7.12%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik's dividend payout ratio (DPR) is 305.88%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on KNTK shares. Barclays cut their price objective on Kinetik from $61.00 to $57.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 6th. Royal Bank of Canada dropped their target price on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Scotiabank decreased their price target on shares of Kinetik from $62.00 to $60.00 and set a "sector outperform" rating for the company in a research note on Thursday, March 6th. Citigroup upped their price objective on shares of Kinetik from $54.00 to $58.00 and gave the stock a "neutral" rating in a report on Monday, December 16th. Finally, JPMorgan Chase & Co. lifted 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. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.63.

Kinetik 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.