Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by Tortoise Capital Advisors L.L.C.

Tortoise Capital Advisors L.L.C. reduced its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 7.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 455,231 shares of the company's stock after selling 37,227 shares during the quarter. Kinetik makes up 0.3% of Tortoise Capital Advisors L.L.C.'s holdings, making the stock its 28th largest position. Tortoise Capital Advisors L.L.C. owned 0.29% of Kinetik worth $25,816,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Barclays PLC boosted its position in shares of Kinetik by 34.5% in the 3rd quarter. Barclays PLC now owns 234,286 shares of the company's stock worth $10,603,000 after purchasing an additional 60,058 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Kinetik by 14,124.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company's stock worth $820,000 after acquiring an additional 13,842 shares during the last quarter. Principal Financial Group Inc. acquired a new position in shares of Kinetik during the third quarter valued at about $921,000. Geode Capital Management LLC increased its holdings in shares of Kinetik by 1.6% during the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company's stock valued at $39,742,000 after acquiring an additional 13,644 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Kinetik by 53.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 157,858 shares of the company's stock valued at $7,145,000 after purchasing an additional 55,050 shares during the last quarter. Institutional investors own 21.11% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on KNTK. Scotiabank cut their price target on shares of Kinetik from $62.00 to $60.00 and set a "sector outperform" rating on the stock in a research note on Thursday, March 6th. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. JPMorgan Chase & Co. boosted their price target on Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a research note on Wednesday, January 15th. Barclays raised their price objective on Kinetik from $57.00 to $58.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 16th. Finally, Wells Fargo & Company dropped their target price 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. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $59.75.

Insider Activity

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the business'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 completion of the sale, the insider now owns 657,583 shares of the company's stock, valued at approximately $34,628,320.78. The trade was 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 this hyperlink. Insiders own 3.83% of the company's stock.

Kinetik Price Performance

NASDAQ:KNTK traded up $0.40 during trading hours on Friday, reaching $42.87. The company had a trading volume of 176,229 shares, compared to its average volume of 608,849. The firm has a market cap of $6.76 billion, a PE ratio of 15.78, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68. Kinetik Holdings Inc. has a 1-year low of $37.65 and a 1-year high of $67.60. The business's 50 day moving average price is $50.44 and its 200-day moving average price is $55.09.

Kinetik Announces Dividend

The company also recently announced 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. This represents a $3.12 annualized dividend and a dividend yield of 7.28%. The ex-dividend date is Friday, April 25th. Kinetik's payout ratio is currently 305.88%.

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.