NewEdge Advisors LLC Grows Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

NewEdge Advisors LLC raised its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 95.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 44,937 shares of the company's stock after purchasing an additional 21,986 shares during the quarter. NewEdge Advisors LLC's holdings in Kinetik were worth $2,548,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Fifth Third Bancorp purchased a new position in Kinetik during the fourth quarter worth about $26,000. Canton Hathaway LLC purchased a new stake in Kinetik in the 4th quarter valued at $28,000. GAMMA Investing LLC grew its stake in shares of Kinetik by 72.0% in the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company's stock valued at $29,000 after purchasing an additional 213 shares during the last quarter. Rialto Wealth Management LLC acquired a new stake in shares of Kinetik in the 4th quarter worth $34,000. Finally, Sterling Capital Management LLC raised its position in Kinetik by 789.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock worth $62,000 after acquiring an additional 971 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Wells Fargo & Company reduced their price objective 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. US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Scotiabank cut their target price on 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 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 report on Thursday, March 13th. Finally, Barclays upped their price target on Kinetik from $57.00 to $58.00 and gave the company an "equal weight" rating in a report on Wednesday, April 16th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $59.75.

Insider Transactions at Kinetik

In related 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 shares were sold at an average price of $52.66, for a total value of $55,004,370.54. Following the transaction, the insider now owns 657,583 shares of the company's stock, valued at approximately $34,628,320.78. This trade represents a 61.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.83% of the stock is owned by corporate insiders.

Kinetik Price Performance

Shares of KNTK stock traded down $0.41 on Friday, hitting $42.84. 467,503 shares of the company's stock were exchanged, compared to its average volume of 612,183. The company has a 50 day moving average of $50.08 and a 200 day moving average of $55.14. Kinetik Holdings Inc. has a 12 month low of $37.65 and a 12 month high of $67.60. The stock has a market cap of $6.76 billion, a P/E ratio of 15.81, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68.

Kinetik Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 2nd. Investors of record on Friday, April 25th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.28%. Kinetik's payout ratio is 305.88%.

Kinetik Company 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.