ExodusPoint Capital Management LP Reduces Stock Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

ExodusPoint Capital Management LP decreased its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 83.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,886 shares of the company's stock after selling 278,083 shares during the period. ExodusPoint Capital Management LP's holdings in Kinetik were worth $3,113,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of KNTK. Charles Schwab Investment Management Inc. lifted its holdings in Kinetik by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 307,929 shares of the company's stock worth $13,937,000 after purchasing an additional 9,882 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Kinetik by 14.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,867 shares of the company's stock valued at $356,000 after buying an additional 983 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Kinetik by 21.4% in the third quarter. Janus Henderson Group PLC now owns 50,360 shares of the company's stock worth $2,279,000 after buying an additional 8,863 shares in the last quarter. Stifel Financial Corp bought a new position in shares of Kinetik in the third quarter valued at approximately $202,000. Finally, Y Intercept Hong Kong Ltd grew its stake in Kinetik by 9.8% during the third quarter. Y Intercept Hong Kong Ltd now owns 29,628 shares of the company's stock valued at $1,341,000 after acquiring an additional 2,633 shares in the last quarter. Institutional investors own 21.11% of the company's stock.

Kinetik Stock Performance

Shares of KNTK stock traded down $0.55 on Friday, hitting $42.26. 880,486 shares of the company's stock traded hands, compared to its average volume of 603,836. The stock has a market capitalization of $6.67 billion, a price-to-earnings ratio of 15.59, a P/E/G ratio of 1.52 and a beta of 2.68. The company's fifty day simple moving average is $53.98 and its 200 day simple moving average is $55.38. Kinetik Holdings Inc. has a one year low of $37.65 and a one year high of $67.60.

Kinetik Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders 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 dividend yield of 7.38%. Kinetik's dividend payout ratio is currently 305.88%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 15th. Barclays dropped their price objective on Kinetik from $61.00 to $57.00 and set an "equal weight" rating for the company in a research note on Thursday, March 6th. Citigroup raised their price target on Kinetik from $54.00 to $58.00 and gave the company a "neutral" rating in a report on Monday, December 16th. The Goldman Sachs Group boosted their price objective on Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a report on Thursday, December 19th. Finally, Wells Fargo & Company lowered their target price on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Friday, February 28th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, Kinetik has a consensus rating of "Moderate Buy" and a consensus price target of $59.63.

Insider Activity

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the 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 sale, the insider now owns 657,583 shares of the company's stock, valued at $34,628,320.78. This represents a 61.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 3.71% of the stock is currently owned by corporate insiders.

Kinetik Profile

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.