Aquatic Capital Management LLC acquired a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 17,451 shares of the company's stock, valued at approximately $990,000.
A number of other institutional investors also recently added to or reduced their stakes in KNTK. Barclays PLC increased its holdings in shares of 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 purchasing an additional 60,058 shares in the last quarter. Principal Financial Group Inc. purchased a new position in Kinetik in the third quarter valued at about $921,000. JPMorgan Chase & Co. lifted its position in shares of Kinetik by 53.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 157,858 shares of the company's stock valued at $7,145,000 after acquiring an additional 55,050 shares during the period. GAMMA Investing LLC boosted its stake in shares of Kinetik by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company's stock worth $29,000 after acquiring an additional 213 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its holdings in shares of Kinetik by 2.0% in the 4th quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company's stock worth $515,000 after acquiring an additional 174 shares during the period. Hedge funds and other institutional investors own 21.11% of the company's stock.
Insider Activity at Kinetik
In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $52.66, for a total transaction 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.83% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
A number of research firms have commented on KNTK. Wells Fargo & Company decreased their target price on Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Friday, February 28th. Scotiabank lowered their price objective on shares of Kinetik from $62.00 to $60.00 and set a "sector outperform" rating on the stock in a research note on Thursday, March 6th. Royal Bank of Canada cut their target price 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. US Capital Advisors upgraded shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. Finally, JPMorgan Chase & Co. lifted their price objective on Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 15th. Four 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.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $58.56.
Check Out Our Latest Report on Kinetik
Kinetik Price Performance
KNTK stock traded down $0.29 on Tuesday, hitting $39.83. 285,791 shares of the company were exchanged, compared to its average volume of 620,047. The stock has a market capitalization of $6.28 billion, a price-to-earnings ratio of 14.71, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03. Kinetik Holdings Inc. has a twelve month low of $37.85 and a twelve month high of $67.60. The business's fifty day moving average is $48.03 and its two-hundred day moving average is $54.80.
Kinetik Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 7.83%. The ex-dividend date of this dividend was Friday, April 25th. Kinetik's dividend payout ratio (DPR) is currently 305.88%.
Kinetik Company Profile
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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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