Wells Fargo & Company MN Grows Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

Wells Fargo & Company MN grew its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 40.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 33,080 shares of the company's stock after buying an additional 9,560 shares during the period. Wells Fargo & Company MN's holdings in Kinetik were worth $1,876,000 at the end of the most recent reporting period.

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

Insider Activity

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik 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 transaction, the insider now 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 legal filing with the SEC, which is available at this link. Corporate insiders own 3.83% of the company's stock.

Wall Street Analyst Weigh In

KNTK has been the subject of a number of research reports. US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Royal Bank of Canada decreased their price target on Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Barclays boosted 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. UBS Group assumed coverage on Kinetik in a report on Tuesday. They issued a "neutral" rating and a $49.00 price target for the company. Finally, JPMorgan Chase & Co. increased their price objective on shares of Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a report on Wednesday, January 15th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, Kinetik currently has a consensus rating of "Moderate Buy" and a consensus target price of $58.56.

Kinetik Stock Up 1.3 %

NASDAQ KNTK traded up $0.56 during trading hours on Thursday, hitting $41.90. The company's stock had a trading volume of 76,260 shares, compared to its average volume of 612,820. The stock has a fifty day moving average of $49.05 and a 200 day moving average of $54.92. Kinetik Holdings Inc. has a twelve month low of $37.65 and a twelve month high of $67.60. The firm has a market capitalization of $6.61 billion, a P/E ratio of 15.51, 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. Stockholders 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 dividend yield of 7.45%. Kinetik's dividend payout ratio (DPR) is presently 305.88%.

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.