Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 95.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,386 shares of the company's stock after buying an additional 7,519 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Kinetik were worth $873,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. acquired a new position in shares of Kinetik in the 3rd quarter worth approximately $921,000. Intech Investment Management LLC acquired a new position in Kinetik during the third quarter worth $558,000. Charles Schwab Investment Management Inc. raised its stake in Kinetik by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 307,929 shares of the company's stock worth $13,937,000 after acquiring an additional 9,882 shares in the last quarter. Quantbot Technologies LP lifted its holdings in shares of Kinetik by 274.8% during the third quarter. Quantbot Technologies LP now owns 54,566 shares of the company's stock valued at $2,470,000 after acquiring an additional 40,008 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Kinetik in the 3rd quarter valued at $1,887,000. Institutional investors and hedge funds own 21.11% of the company's stock.
Kinetik Stock Up 1.7 %
NASDAQ:KNTK traded up $0.88 during trading hours on Monday, hitting $53.61. 639,404 shares of the stock were exchanged, compared to its average volume of 566,340. The company has a market capitalization of $8.46 billion, a P/E ratio of 19.78, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85. The company's 50 day moving average is $59.49 and its two-hundred day moving average is $55.19. Kinetik Holdings Inc. has a twelve month low of $37.65 and a twelve month high of $67.60.
Kinetik Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 5.82%. The ex-dividend date was Monday, February 3rd. Kinetik's dividend payout ratio is 305.88%.
Insider Buying and Selling
In other Kinetik 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 value of $55,004,370.54. Following the transaction, the insider now directly owns 657,583 shares of the company's stock, valued at approximately $34,628,320.78. This trade represents a 61.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.71% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on KNTK. Wells Fargo & Company dropped their target price 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. Citigroup raised their price objective on shares of Kinetik from $54.00 to $58.00 and gave the stock a "neutral" rating in a report on Monday, December 16th. Royal Bank of Canada reduced their target price on Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. The Goldman Sachs Group raised 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, JPMorgan Chase & Co. boosted their price objective on Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 15th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $59.63.
Get Our Latest Analysis on Kinetik
Kinetik Company 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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