Trexquant Investment LP Grows Stock Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Trexquant Investment LP boosted its position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 97.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 104,598 shares of the company's stock after buying an additional 51,505 shares during the period. Trexquant Investment LP owned approximately 0.07% of Kinetik worth $5,932,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of KNTK. Fifth Third Bancorp acquired a new stake in shares of Kinetik in the fourth quarter worth $26,000. Canton Hathaway LLC purchased a new position in shares of Kinetik during the 4th quarter valued at about $28,000. GAMMA Investing LLC boosted its stake in shares of Kinetik by 72.0% in the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company's stock worth $29,000 after buying an additional 213 shares during the last quarter. Rialto Wealth Management LLC purchased a new position in shares of Kinetik during the 4th quarter valued at approximately $34,000. Finally, EverSource Wealth Advisors LLC acquired a new stake in Kinetik during the fourth quarter valued at $67,000. Institutional investors and hedge funds own 21.11% of the company's stock.

Insider Activity at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock in a transaction on Monday, March 17th. The shares were sold at an average price of $52.66, for a total value of $55,004,370.54. Following the transaction, the insider now directly owns 657,583 shares of the company's stock, valued at $34,628,320.78. The trade was a 61.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.71% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on KNTK. Barclays lowered their price target 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. JPMorgan Chase & Co. upped their target price on shares of Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a report on Wednesday, January 15th. Royal Bank of Canada dropped their price objective on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. The Goldman Sachs Group increased their price target on Kinetik from $46.00 to $61.00 and gave the company a "buy" rating in a report on Thursday, December 19th. Finally, Citigroup upped their target price on Kinetik from $54.00 to $58.00 and gave the company a "neutral" rating in a report on Monday, December 16th. 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 has a consensus rating of "Moderate Buy" and a consensus target price of $59.63.

Kinetik Stock Down 8.0 %

Kinetik stock traded down $3.63 during midday trading on Thursday, reaching $41.61. The company's stock had a trading volume of 450,353 shares, compared to its average volume of 597,537. Kinetik Holdings Inc. has a fifty-two week low of $37.65 and a fifty-two week high of $67.60. The company has a market cap of $6.57 billion, a P/E ratio of 15.26, a P/E/G ratio of 1.52 and a beta of 2.68. The business has a 50-day simple moving average of $54.84 and a 200-day simple moving average of $55.45.

Kinetik Announces Dividend

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 7.50%. Kinetik's payout ratio is currently 305.88%.

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.