Prudential Financial Inc. Grows Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Prudential Financial Inc. raised its stake in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 391.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 392,343 shares of the company's stock after buying an additional 312,458 shares during the quarter. Prudential Financial Inc. owned about 0.25% of Kinetik worth $22,250,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. Fifth Third Bancorp purchased a new stake in shares of Kinetik in the 4th quarter valued at approximately $26,000. Canton Hathaway LLC purchased a new stake in Kinetik in the fourth quarter valued at approximately $28,000. GAMMA Investing LLC lifted its stake in Kinetik by 72.0% during 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 acquired a new position in Kinetik during the fourth quarter worth $34,000. Finally, EverSource Wealth Advisors LLC purchased a new position in shares of Kinetik during the fourth quarter worth $67,000. Hedge funds and other institutional investors own 21.11% of the company's stock.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm's stock in a transaction dated 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 transaction, the insider now owns 657,583 shares of the company's stock, valued at approximately $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 SEC, which can be accessed through this hyperlink. Insiders own 3.71% of the company's stock.

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Kinetik Price Performance

Shares of KNTK traded up $0.70 during midday trading on Monday, reaching $51.94. The stock had a trading volume of 506,708 shares, compared to its average volume of 579,118. Kinetik Holdings Inc. has a 1-year low of $37.65 and a 1-year high of $67.60. The company has a market cap of $8.19 billion, a price-to-earnings ratio of 19.16, a PEG ratio of 1.52 and a beta of 2.85. The company's fifty day simple moving average is $58.17 and its two-hundred day simple moving average is $55.55.

Kinetik Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were issued a dividend of $0.78 per share. The ex-dividend date was Monday, February 3rd. This represents a $3.12 dividend on an annualized basis and a yield of 6.01%. Kinetik's payout ratio is currently 305.88%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on KNTK. Barclays decreased their target price on Kinetik from $61.00 to $57.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 6th. JPMorgan Chase & Co. increased their price target 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 raised their price objective on shares of Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Scotiabank cut their target price on shares of Kinetik from $62.00 to $60.00 and set a "sector outperform" rating on the stock in a research note on Thursday, March 6th. Finally, Citigroup raised their price target on shares of Kinetik from $54.00 to $58.00 and gave the company a "neutral" rating in a research report on Monday, December 16th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Kinetik presently has an average rating of "Moderate Buy" and an average target price of $59.63.

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.