Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. lessened its stake in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 16.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 44,017 shares of the company's stock after selling 8,635 shares during the quarter. Russell Investments Group Ltd.'s holdings in Kinetik were worth $2,496,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Stifel Financial Corp purchased a new stake in Kinetik during the third quarter valued at about $202,000. Barclays PLC increased its position in Kinetik by 34.5% during the 3rd quarter. Barclays PLC now owns 234,286 shares of the company's stock worth $10,603,000 after purchasing an additional 60,058 shares in the last quarter. Geode Capital Management LLC raised its holdings in Kinetik by 1.6% in the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company's stock valued at $39,742,000 after buying an additional 13,644 shares during the period. Principal Financial Group Inc. acquired a new position in Kinetik during the third quarter valued at approximately $921,000. Finally, JPMorgan Chase & Co. grew its stake in Kinetik by 53.5% during the third quarter. JPMorgan Chase & Co. now owns 157,858 shares of the company's stock worth $7,145,000 after buying an additional 55,050 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Stock Up 2.3 %

Shares of KNTK traded up $0.95 during trading on Wednesday, reaching $42.79. The company's stock had a trading volume of 83,799 shares, compared to its average volume of 606,537. The company has a market cap of $6.75 billion, a price-to-earnings ratio of 15.79, a P/E/G ratio of 1.52 and a beta of 2.68. The company has a fifty day moving average of $51.19 and a two-hundred day moving average of $55.21. Kinetik Holdings Inc. has a twelve month low of $37.65 and a twelve month high of $67.60.

Kinetik Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 2nd. Shareholders of record on Friday, April 25th will be issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 7.29%. The ex-dividend date of this dividend is Friday, April 25th. Kinetik's dividend payout ratio is currently 305.88%.

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of the transaction, the insider now directly owns 657,583 shares in the company, valued at approximately $34,628,320.78. This trade represents a 61.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on KNTK shares. Wells Fargo & Company cut their target price on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Friday, February 28th. JPMorgan Chase & Co. boosted their price objective on Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 15th. Scotiabank lowered their target price on Kinetik from $62.00 to $60.00 and set a "sector outperform" rating for the company in a research note on Thursday, March 6th. Barclays boosted their price target on Kinetik from $57.00 to $58.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 16th. Finally, Royal Bank of Canada decreased 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. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Kinetik has a consensus rating of "Moderate Buy" and a consensus price target of $59.75.

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.