Uniplan Investment Counsel Inc. Buys New Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Uniplan Investment Counsel Inc. bought a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 18,033 shares of the company's stock, valued at approximately $1,023,000.

Other institutional investors also recently added to or reduced their stakes in the company. Fifth Third Bancorp bought a new stake in shares of Kinetik in the 4th quarter worth approximately $26,000. Canton Hathaway LLC bought a new position in shares of Kinetik in the fourth quarter worth about $28,000. GAMMA Investing LLC lifted its holdings in Kinetik by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company's stock worth $29,000 after buying an additional 213 shares in the last quarter. Rialto Wealth Management LLC bought a new position in shares of Kinetik in the 4th quarter valued at about $34,000. Finally, Sterling Capital Management LLC boosted its position in shares of Kinetik by 789.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock worth $62,000 after purchasing an additional 971 shares during the last quarter. 21.11% of the stock is owned by institutional investors.

Insider Buying and Selling 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 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 transaction, the insider now owns 657,583 shares in the company, valued at approximately $34,628,320.78. This trade represents a 61.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.83% of the company's stock.

Kinetik Stock Down 0.7 %

Shares of KNTK stock traded down $0.29 during trading on Monday, reaching $42.52. 155,328 shares of the company's stock were exchanged, compared to its average volume of 610,403. Kinetik Holdings Inc. has a twelve month low of $37.65 and a twelve month high of $67.60. The firm's fifty day moving average price is $50.08 and its 200-day moving average price is $55.14. The stock has a market capitalization of $6.71 billion, a PE ratio of 15.70, a PEG 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. Investors of record on Friday, April 25th will be paid a $0.78 dividend. The ex-dividend date is Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.34%. Kinetik's dividend payout ratio (DPR) is currently 305.88%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on KNTK. Royal Bank of Canada reduced their price target on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. 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 report on Friday, February 28th. Scotiabank lowered 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. Barclays increased their price objective on shares of Kinetik from $57.00 to $58.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 16th. Finally, JPMorgan Chase & Co. lifted their target price on Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a research report on Wednesday, January 15th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $59.75.

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.