Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Purchased by NewEdge Advisors LLC

NewEdge Advisors LLC grew its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 95.8% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 44,937 shares of the company’s stock after acquiring an additional 21,986 shares during the quarter. NewEdge Advisors LLC’s holdings in Kinetik were worth $2,548,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Fifth Third Bancorp acquired a new stake in Kinetik in the fourth quarter worth approximately $26,000. Canton Hathaway LLC acquired a new stake in shares of Kinetik in the fourth quarter valued at $28,000. GAMMA Investing LLC boosted its stake in Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after buying an additional 213 shares in the last quarter. Rialto Wealth Management LLC acquired a new position in Kinetik during the fourth quarter worth about $34,000. Finally, Sterling Capital Management LLC raised its position in Kinetik by 789.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company’s stock worth $62,000 after acquiring an additional 971 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Stock Performance

KNTK stock opened at $40.90 on Tuesday. The stock has a market cap of $6.45 billion, a P/E ratio of 15.09, a P/E/G ratio of 1.52 and a beta of 2.68. The firm has a 50 day simple moving average of $51.58 and a 200 day simple moving average of $55.31. Kinetik Holdings Inc. has a 52 week low of $37.65 and a 52 week high of $67.60.

Kinetik Dividend Announcement

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 issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 7.63%. The ex-dividend date of this dividend is Friday, April 25th. Kinetik’s dividend payout ratio is currently 305.88%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Royal Bank of Canada lowered their price objective on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Scotiabank reduced their price objective on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. US Capital Advisors raised Kinetik from a “hold” rating to a “moderate buy” rating in a research report on Monday, April 7th. Wells Fargo & Company decreased 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. Finally, JPMorgan Chase & Co. boosted their price objective on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 15th. Three 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 has an average rating of “Moderate Buy” and a consensus target price of $59.75.

Insider Transactions at Kinetik

In other 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 transaction of $55,004,370.54. Following the completion of the sale, the insider now directly owns 657,583 shares in the company, valued at $34,628,320.78. The trade was a 61.37 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.83% of the stock is currently owned by company insiders.

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.