Tortoise Capital Advisors L.L.C. lowered its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 7.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 455,231 shares of the company's stock after selling 37,227 shares during the quarter. Kinetik comprises about 0.3% of Tortoise Capital Advisors L.L.C.'s investment portfolio, making the stock its 28th biggest position. Tortoise Capital Advisors L.L.C. owned approximately 0.29% of Kinetik worth $25,816,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of KNTK. Fifth Third Bancorp acquired a new position in Kinetik during the 4th quarter worth $26,000. Canton Hathaway LLC bought a new position in Kinetik in the 4th quarter worth approximately $28,000. GAMMA Investing LLC boosted its position in shares of Kinetik by 72.0% in the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company's stock valued at $29,000 after acquiring an additional 213 shares during the period. Rialto Wealth Management LLC bought a new position in Kinetik during the fourth quarter worth $34,000. Finally, Sterling Capital Management LLC increased its holdings in shares of Kinetik by 789.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock worth $62,000 after purchasing an additional 971 shares during the period. Institutional investors and hedge funds own 21.11% of the company's stock.
Kinetik Trading Up 0.0 %
Shares of KNTK stock traded up $0.02 on Wednesday, reaching $41.86. The company had a trading volume of 840,093 shares, compared to its average volume of 609,807. The stock has a market cap of $6.60 billion, a PE ratio of 15.44, a PEG ratio of 1.52 and a beta of 2.68. The company has a 50-day moving average of $50.80 and a 200-day moving average of $55.12. Kinetik Holdings Inc. has a 12 month low of $37.65 and a 12 month high of $67.60.
Kinetik Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 2nd. Shareholders of record on Friday, April 25th will be paid a $0.78 dividend. The ex-dividend date is Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.45%. Kinetik's payout ratio is 305.88%.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 15th. Scotiabank reduced their target price on Kinetik from $62.00 to $60.00 and set a "sector outperform" rating on the stock in a report on Thursday, March 6th. Barclays increased 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. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. Finally, Wells Fargo & Company decreased their price objective on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $59.75.
Read Our Latest Report on KNTK
Insider Activity at Kinetik
In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the completion of the transaction, the insider now directly owns 657,583 shares of the company's stock, valued at $34,628,320.78. This trade represents a 61.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.83% of the stock is owned by insiders.
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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