Kinetik Holdings Inc. (NASDAQ:KNTK) Position Boosted by Hsbc Holdings PLC

Hsbc Holdings PLC grew its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 1,136.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 70,579 shares of the company's stock after buying an additional 64,870 shares during the quarter. Hsbc Holdings PLC's holdings in Kinetik were worth $4,012,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Kinetik by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company's stock valued at $226,967,000 after acquiring an additional 72,760 shares during the last quarter. Invesco Ltd. lifted its position in shares of Kinetik by 3.0% during the fourth quarter. Invesco Ltd. now owns 1,247,843 shares of the company's stock worth $70,765,000 after purchasing an additional 36,362 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Kinetik by 7.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 629,326 shares of the company's stock worth $35,689,000 after purchasing an additional 43,629 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Kinetik by 12.5% in the fourth quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company's stock valued at $27,675,000 after buying an additional 54,081 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in Kinetik by 10.5% during the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 440,000 shares of the company's stock valued at $24,952,000 after buying an additional 41,864 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Price Performance

KNTK stock traded up $0.36 on Friday, reaching $41.46. The company's stock had a trading volume of 1,009,218 shares, compared to its average volume of 618,435. Kinetik Holdings Inc. has a 52 week low of $37.85 and a 52 week high of $67.60. The company has a market capitalization of $6.54 billion, a P/E ratio of 15.30, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68. The firm has a fifty day moving average of $48.40 and a two-hundred day moving average of $54.80.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 2nd. Stockholders of record on Friday, April 25th will be issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.53%. The ex-dividend date of this dividend is Friday, April 25th. Kinetik's dividend payout ratio (DPR) is 305.88%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Barclays lifted their target price on Kinetik from $57.00 to $58.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 16th. Wells Fargo & Company dropped their target price on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. UBS Group started coverage on shares of Kinetik in a report on Tuesday. They issued a "neutral" rating and a $49.00 price target for the company. Royal Bank of Canada dropped their price objective 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. Finally, US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $58.56.

Insider Activity at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the company's stock in a transaction that occurred on 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 sale, the insider now directly owns 657,583 shares in the company, valued at $34,628,320.78. This represents a 61.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 3.83% of the company's stock.

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.