Nuveen Asset Management LLC Increases Stock Holdings in Kinetik Holdings Inc. (NYSE:KNTK)

Nuveen Asset Management LLC grew its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 80.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 139,952 shares of the company's stock after acquiring an additional 62,323 shares during the quarter. Nuveen Asset Management LLC owned about 0.09% of Kinetik worth $7,937,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Numerai GP LLC bought a new stake in Kinetik during the fourth quarter worth about $397,000. OMERS ADMINISTRATION Corp purchased a new position in shares of Kinetik during the 4th quarter valued at about $516,000. Millennium Management LLC lifted its position in Kinetik by 97.6% in the 4th quarter. Millennium Management LLC now owns 70,227 shares of the company's stock worth $3,983,000 after buying an additional 34,679 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Kinetik by 5.3% in the fourth quarter. Janus Henderson Group PLC now owns 53,046 shares of the company's stock worth $3,009,000 after buying an additional 2,686 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new position in shares of Kinetik during the fourth quarter worth approximately $1,674,000. Hedge funds and other institutional investors own 21.11% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on KNTK shares. Citigroup upgraded Kinetik from a "neutral" rating to a "buy" rating and dropped their target price for the company from $58.00 to $55.00 in a report on Tuesday, May 20th. Royal Bank of Canada dropped their price objective on Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Friday. Barclays set a $48.00 target price on shares of Kinetik and gave the stock an "equal weight" rating in a report on Tuesday, May 20th. Mizuho lowered their price target on shares of Kinetik from $70.00 to $61.00 and set an "outperform" rating for the company in a report on Tuesday, May 20th. Finally, UBS Group assumed coverage on shares of Kinetik in a report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target on the stock. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $56.22.

Kinetik Stock Down 1.4%

KNTK traded down $0.62 during trading hours on Friday, reaching $44.58. 1,461,980 shares of the company's stock traded hands, compared to its average volume of 919,032. The firm has a 50-day moving average price of $44.75 and a 200 day moving average price of $53.89. The firm has a market capitalization of $7.04 billion, a PE ratio of 46.93 and a beta of 3.03. Kinetik Holdings Inc. has a 52-week low of $37.85 and a 52-week high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). The firm had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. The business's revenue for the quarter was up 29.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.12 earnings per share.

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were paid a $0.78 dividend. The ex-dividend date was Friday, April 25th. This represents a $3.12 annualized dividend and a yield of 7.00%. Kinetik's dividend payout ratio (DPR) is 328.42%.

Insiders Place Their Bets

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of the transaction, the insider now directly owns 657,583 shares in the company, valued at $34,628,320.78. This trade represents a 61.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 3.83% of the company's stock.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.