Northern Trust Corp Has $22.20 Million Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Northern Trust Corp grew its position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 3.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 391,523 shares of the company's stock after buying an additional 12,114 shares during the quarter. Northern Trust Corp owned approximately 0.25% of Kinetik worth $22,203,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Kinetik by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company's stock worth $226,967,000 after purchasing an additional 72,760 shares during the period. Invesco Ltd. boosted its holdings 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 period. Dimensional Fund Advisors LP lifted 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 valued at $35,689,000 after acquiring an additional 43,629 shares during the last quarter. Bank of New York Mellon Corp lifted its stake 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 acquiring an additional 54,081 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in Kinetik by 10.5% in 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 acquiring an additional 41,864 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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 on 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 directly owns 657,583 shares in the company, valued at $34,628,320.78. The trade was a 61.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.83% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Barclays lifted their target price on shares of Kinetik from $57.00 to $58.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 16th. UBS Group assumed coverage on shares of Kinetik in a research note on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 target price for the company. Scotiabank reduced their target price on shares of Kinetik from $57.00 to $54.00 and set a "sector outperform" rating for the company in a research note on Monday, May 12th. Wells Fargo & Company reduced their target price on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. Finally, 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. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $57.89.

Kinetik Stock Up 0.3%

Shares of KNTK stock traded up $0.14 during trading on Friday, reaching $45.34. The company's stock had a trading volume of 891,857 shares, compared to its average volume of 659,317. The business has a fifty day moving average price of $46.19 and a 200-day moving average price of $54.40. The company has a market cap of $7.15 billion, a price-to-earnings ratio of 16.73, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03. Kinetik Holdings Inc. has a one year low of $37.85 and a one year high of $67.60.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.24). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The firm had revenue of $443.26 million for the quarter, compared to the consensus estimate of $466.54 million. During the same period last year, the company posted $0.12 earnings per share. The business's revenue was up 29.8% compared to the same quarter last year. Research analysts anticipate that Kinetik Holdings Inc. will post 1.96 EPS for the current year.

Kinetik Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 6.88%. The ex-dividend date was Friday, April 25th. Kinetik's dividend payout ratio (DPR) is currently 328.42%.

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.