ExodusPoint Capital Management LP Has $3.11 Million Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

ExodusPoint Capital Management LP trimmed its position in Kinetik Holdings Inc. (NASDAQ:KNTK) by 83.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 54,886 shares of the company’s stock after selling 278,083 shares during the quarter. ExodusPoint Capital Management LP’s holdings in Kinetik were worth $3,113,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of KNTK. Vanguard Group Inc. increased its stake in Kinetik by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company’s stock valued at $226,967,000 after buying an additional 72,760 shares during the last quarter. Geode Capital Management LLC increased its holdings in Kinetik by 1.6% during the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock worth $39,742,000 after buying an additional 13,644 shares during the last quarter. Bank of New York Mellon Corp raised its position in Kinetik by 12.5% during the fourth quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company’s stock worth $27,675,000 after acquiring an additional 54,081 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in shares of Kinetik by 10.5% in the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 440,000 shares of the company’s stock valued at $24,952,000 after acquiring an additional 41,864 shares during the period. Finally, Pictet Asset Management Holding SA increased its stake in shares of Kinetik by 8,475.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company’s stock worth $24,442,000 after purchasing an additional 425,977 shares during the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

KNTK has been the subject of several recent analyst reports. Citigroup raised their target price on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Wells Fargo & Company cut their price objective 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. Barclays decreased their target price on Kinetik from $61.00 to $57.00 and set an “equal weight” rating on the stock in a report on Thursday, March 6th. Scotiabank cut their price target on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 15th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Kinetik has an average rating of “Moderate Buy” and an average target price of $59.63.

Kinetik Stock Performance

KNTK stock opened at $43.50 on Tuesday. Kinetik Holdings Inc. has a 52 week low of $37.65 and a 52 week high of $67.60. The company’s 50-day simple moving average is $56.52 and its 200 day simple moving average is $55.66. The company has a market capitalization of $6.86 billion, a PE ratio of 16.05, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were issued a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $3.12 annualized dividend and a dividend yield of 7.17%. Kinetik’s dividend payout ratio is presently 305.88%.

Insider Activity

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the sale, the insider now owns 657,583 shares of the company’s stock, 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 SEC, which is available through the SEC website. 3.71% of the stock is owned by company insiders.

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.