Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by Walleye Capital LLC

Walleye Capital LLC decreased its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 30.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,301 shares of the company's stock after selling 21,546 shares during the quarter. Walleye Capital LLC's holdings in Kinetik were worth $2,853,000 as of its most recent SEC filing.

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

Insider Buying and Selling at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 657,583 shares in the company, valued at approximately $34,628,320.78. This represents a 61.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.83% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

KNTK has been the subject of a number of recent research reports. Royal Bank of Canada reduced their price target on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Scotiabank decreased their target price on shares of Kinetik from $62.00 to $60.00 and set a "sector outperform" rating for the company in a research report on Thursday, March 6th. JPMorgan Chase & Co. increased their price target on Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 15th. Barclays boosted their price objective on Kinetik from $57.00 to $58.00 and gave the company an "equal weight" rating in a report on Wednesday, April 16th. Finally, US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Kinetik currently has an average rating of "Moderate Buy" and an average price target of $59.75.

Kinetik Price Performance

KNTK stock traded up $0.44 during trading on Wednesday, hitting $42.28. The stock had a trading volume of 171,990 shares, compared to its average volume of 606,909. Kinetik Holdings Inc. has a twelve month low of $37.65 and a twelve month high of $67.60. The company's 50-day moving average price is $51.19 and its two-hundred day moving average price is $55.21. The stock has a market capitalization of $6.67 billion, a P/E ratio of 15.60, a PEG ratio of 1.52 and a beta of 2.68.

Kinetik Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 2nd. Investors of record on Friday, April 25th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 7.38%. The ex-dividend date of this dividend is Friday, April 25th. Kinetik's payout ratio is 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.