Victory Capital Management Inc. cut its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 6.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 250,759 shares of the company's stock after selling 15,955 shares during the quarter. Victory Capital Management Inc. owned approximately 0.16% of Kinetik worth $14,221,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of KNTK. Versor Investments LP bought a new position in Kinetik in the third quarter worth about $543,000. Barclays PLC raised its position in shares of Kinetik by 34.5% in the 3rd quarter. Barclays PLC now owns 234,286 shares of the company's stock worth $10,603,000 after acquiring an additional 60,058 shares in the last quarter. Principal Financial Group Inc. purchased a new position in shares of Kinetik in the 3rd quarter valued at approximately $921,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Kinetik by 14,124.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company's stock valued at $820,000 after purchasing an additional 13,842 shares during the period. Finally, 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 purchasing an additional 13,644 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.
Analyst Ratings Changes
KNTK has been the subject of a number of research reports. Barclays decreased their price objective on Kinetik from $61.00 to $57.00 and set an "equal weight" rating for the company in a report on Thursday, March 6th. Wells Fargo & Company lowered 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. JPMorgan Chase & Co. upped their price objective 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 lowered their target price on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a report on Thursday. Finally, Citigroup upped their price target on Kinetik from $54.00 to $58.00 and gave the stock a "neutral" rating in a research note on Monday, December 16th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $59.63.
Check Out Our Latest Research Report on Kinetik
Insiders Place Their Bets
In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the business's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the completion of the sale, the insider now directly owns 1,044,520 shares in the company, valued at approximately $58,106,647.60. The trade was a 79.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.71% of the stock is owned by insiders.
Kinetik Trading Down 0.8 %
KNTK stock traded down $0.40 during midday trading on Thursday, hitting $51.55. The company's stock had a trading volume of 997,446 shares, compared to its average volume of 603,596. The company has a market cap of $8.13 billion, a PE ratio of 19.02, a P/E/G ratio of 1.52 and a beta of 2.85. The firm's 50-day moving average is $60.36 and its 200-day moving average is $54.64. Kinetik Holdings Inc. has a 12 month low of $35.19 and a 12 month high of $67.60.
Kinetik Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were issued a $0.78 dividend. The ex-dividend date was Monday, February 3rd. This represents a $3.12 annualized dividend and a yield of 6.05%. Kinetik's payout ratio is 305.88%.
Kinetik Profile
(
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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