Dynamic Technology Lab Private Ltd Invests $721,000 in Kinetik Holdings Inc. (NASDAQ:KNTK)

Dynamic Technology Lab Private Ltd bought a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 12,710 shares of the company's stock, valued at approximately $721,000.

A number of other hedge funds have also made changes to their positions in KNTK. Fifth Third Bancorp purchased a new position in Kinetik in the fourth quarter valued at about $26,000. Canton Hathaway LLC purchased a new stake in Kinetik during the 4th quarter worth $28,000. GAMMA Investing LLC increased its holdings in Kinetik by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company's stock worth $29,000 after purchasing an additional 213 shares during the last quarter. Rialto Wealth Management LLC bought a new stake in shares of Kinetik in the fourth quarter worth $34,000. Finally, EverSource Wealth Advisors LLC bought a new stake in shares of Kinetik in the 4th quarter worth about $67,000. 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 the business's stock in a transaction 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 completion of the transaction, the insider now owns 657,583 shares of the company's stock, valued at $34,628,320.78. The trade was a 61.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.71% of the stock is owned by company insiders.

Kinetik Stock Down 1.6 %

Shares of KNTK traded down $0.69 during mid-day trading on Friday, hitting $42.12. 175,181 shares of the company's stock were exchanged, compared to its average volume of 599,983. Kinetik Holdings Inc. has a twelve month low of $37.65 and a twelve month high of $67.60. The firm has a fifty day moving average of $54.40 and a two-hundred day moving average of $55.41. The stock has a market cap of $6.65 billion, a price-to-earnings ratio of 15.52, a P/E/G ratio of 1.52 and a beta of 2.68.

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were issued a dividend of $0.78 per share. The ex-dividend date was Monday, February 3rd. This represents a $3.12 annualized dividend and a yield of 7.41%. Kinetik's dividend payout ratio (DPR) is currently 305.88%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on KNTK shares. Wells Fargo & Company lowered their target price on Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a report on Friday, February 28th. Scotiabank reduced 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 note on Thursday, March 6th. Royal Bank of Canada dropped their price target on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Citigroup boosted their price objective on Kinetik from $54.00 to $58.00 and gave the stock a "neutral" rating in a research report on Monday, December 16th. Finally, JPMorgan Chase & Co. lifted their target price on Kinetik from $63.00 to $65.00 and gave the company 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 stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $59.63.

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.