Resona Asset Management Co. Ltd. Makes New $398,000 Investment in Kinetik Holdings Inc. (NASDAQ:KNTK)

Resona Asset Management Co. Ltd. acquired a new position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,020 shares of the company's stock, valued at approximately $398,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in KNTK. Fifth Third Bancorp acquired a new position in shares of Kinetik during the 4th quarter valued at $26,000. Canton Hathaway LLC bought a new position in shares of Kinetik during the 4th quarter valued at about $28,000. GAMMA Investing LLC raised its holdings in shares of Kinetik by 72.0% in the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company's stock worth $29,000 after purchasing an additional 213 shares in the last quarter. Rialto Wealth Management LLC acquired a new position in shares of Kinetik in the 4th quarter valued at $34,000. Finally, EverSource Wealth Advisors LLC acquired a new stake in Kinetik during the 4th quarter worth about $67,000. 21.11% of the stock is currently owned by institutional investors.

Kinetik Stock Up 2.6 %

KNTK traded up $1.13 during trading on Thursday, hitting $44.45. The company's stock had a trading volume of 79,236 shares, compared to its average volume of 603,204. The firm's 50 day moving average price is $52.77 and its two-hundred day moving average price is $55.27. Kinetik Holdings Inc. has a 12 month low of $37.65 and a 12 month high of $67.60. The stock has a market capitalization of $7.01 billion, a price-to-earnings ratio of 16.40, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68.

Kinetik Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 2nd. Stockholders of record on Friday, April 25th will be paid a dividend of $0.78 per share. The ex-dividend date is Friday, April 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.02%. Kinetik's dividend payout ratio (DPR) is currently 305.88%.

Analyst Upgrades and Downgrades

KNTK has been the topic of several recent analyst reports. US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. JPMorgan Chase & Co. boosted their price target on Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 15th. Wells Fargo & Company cut their price objective on Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Friday, February 28th. Barclays lifted their price target on shares of Kinetik from $57.00 to $58.00 and gave the company an "equal weight" rating in a research report on Wednesday. Finally, Scotiabank lowered their target price on Kinetik from $62.00 to $60.00 and set a "sector outperform" rating on the stock in a report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Kinetik presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.75.

Insider Buying and Selling

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the company'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 sale, the insider now owns 657,583 shares in the company, valued at approximately $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 can be accessed through this link. 3.71% of the stock is currently owned by corporate insiders.

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.