Voleon Capital Management LP Makes New $1.91 Million Investment in Kinetik Holdings Inc. (NASDAQ:KNTK)

Voleon Capital Management LP bought 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 bought 33,744 shares of the company's stock, valued at approximately $1,914,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. PDT Partners LLC lifted its position in Kinetik by 19.2% in the fourth quarter. PDT Partners LLC now owns 86,830 shares of the company's stock valued at $4,924,000 after purchasing an additional 13,983 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in shares of Kinetik during the 4th quarter valued at $873,000. Northern Trust Corp increased its stake in shares of Kinetik by 3.2% during the fourth quarter. Northern Trust Corp now owns 391,523 shares of the company's stock valued at $22,203,000 after purchasing an additional 12,114 shares in the last quarter. Aquatic Capital Management LLC bought a new stake in Kinetik in the fourth quarter worth $990,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Kinetik during the 4th quarter valued at about $4,340,000. Institutional investors own 21.11% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on KNTK. 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. Wells Fargo & Company reduced their price target on Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a research report on Friday, February 28th. US Capital Advisors upgraded Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Royal Bank of Canada cut their target price 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. Finally, UBS Group started coverage on shares of Kinetik in a research note on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $58.56.

Insider Buying and Selling at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the company's stock in a transaction that occurred 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 sale, the insider now owns 657,583 shares in the company, valued at $34,628,320.78. This represents a 61.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.83% of the company's stock.

Kinetik Stock Down 1.1 %

Shares of KNTK traded down $0.42 during mid-day trading on Tuesday, hitting $39.70. 304,973 shares of the company traded hands, compared to its average volume of 620,135. The business has a 50 day moving average of $48.03 and a 200 day moving average of $54.80. The company has a market capitalization of $6.26 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03. Kinetik Holdings Inc. has a 1-year low of $37.85 and a 1-year high of $67.60.

Kinetik Announces Dividend

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. The ex-dividend date was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.86%. Kinetik's dividend payout ratio is currently 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.