Uniplan Investment Counsel Inc. Buys New Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Uniplan Investment Counsel Inc. purchased a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 18,033 shares of the company's stock, valued at approximately $1,023,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Barclays PLC lifted its position in Kinetik by 34.5% in the 3rd quarter. Barclays PLC now owns 234,286 shares of the company's stock valued at $10,603,000 after acquiring an additional 60,058 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Kinetik by 14,124.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company's stock worth $820,000 after purchasing an additional 13,842 shares during the last quarter. Principal Financial Group Inc. bought a new position in shares of Kinetik in the third quarter valued at approximately $921,000. Geode Capital Management LLC boosted its position in shares of Kinetik by 1.6% during 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 last quarter. Finally, JPMorgan Chase & Co. grew its holdings 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 in the last quarter. Institutional investors own 21.11% of the company's stock.

Insider Buying and Selling

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the company'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 value of $55,004,370.54. Following the transaction, the insider now directly owns 657,583 shares in the company, valued at approximately $34,628,320.78. This 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 the SEC website. 3.83% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on KNTK shares. Royal Bank of Canada reduced their target price on Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. raised their target price on Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a research report on Wednesday, January 15th. Scotiabank lowered their target price on Kinetik from $62.00 to $60.00 and set a "sector outperform" rating on the stock in a research note on Thursday, March 6th. Wells Fargo & Company reduced their price target on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a research report on Friday, February 28th. Finally, US Capital Advisors raised shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, Kinetik has a consensus rating of "Moderate Buy" and an average price target of $59.75.

Kinetik Trading Up 2.5 %

Shares of NASDAQ:KNTK opened at $41.82 on Wednesday. Kinetik Holdings Inc. has a 12 month low of $37.65 and a 12 month high of $67.60. The stock has a market cap of $6.60 billion, a P/E ratio of 15.43, a P/E/G ratio of 1.52 and a beta of 2.68. The company has a 50 day moving average of $51.19 and a 200 day moving average of $55.21.

Kinetik Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 2nd. Stockholders of record on Friday, April 25th will be issued a $0.78 dividend. The ex-dividend date is Friday, April 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.46%. Kinetik's payout ratio is currently 305.88%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.