Essex Financial Services Inc. Sells 592 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Essex Financial Services Inc. decreased its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 2.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,604 shares of the company’s stock after selling 592 shares during the quarter. Essex Financial Services Inc.’s holdings in Kinetik were worth $1,168,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC boosted its stake in Kinetik by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock valued at $39,742,000 after purchasing an additional 13,644 shares during the last quarter. Merewether Investment Management LP lifted its holdings in shares of Kinetik by 56.6% during the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock valued at $29,976,000 after purchasing an additional 239,500 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its position in shares of Kinetik by 10.5% during the fourth 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 buying an additional 41,864 shares during the last quarter. Point72 Asset Management L.P. boosted its position in shares of Kinetik by 30.6% during the third quarter. Point72 Asset Management L.P. now owns 352,558 shares of the company’s stock valued at $15,957,000 after buying an additional 82,600 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in Kinetik by 26.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 318,938 shares of the company’s stock worth $14,435,000 after buying an additional 66,329 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Price Performance

Shares of Kinetik stock opened at $62.71 on Wednesday. The stock has a market capitalization of $9.88 billion, a PE ratio of 23.14, a P/E/G ratio of 1.60 and a beta of 2.89. Kinetik Holdings Inc. has a 1-year low of $31.98 and a 1-year high of $67.60. The company’s fifty day simple moving average is $60.33 and its 200-day simple moving average is $52.49.

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 12th. Investors of record on Monday, February 3rd will be given a dividend of $0.78 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.12 annualized dividend and a yield of 4.98%. Kinetik’s dividend payout ratio (DPR) is presently 115.13%.

Analyst Upgrades and Downgrades

KNTK has been the topic of several research analyst reports. Mizuho upped their target price on shares of Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. The Goldman Sachs Group increased their price objective on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Royal Bank of Canada lifted their target price on shares of Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Scotiabank lowered their price target on Kinetik from $64.00 to $62.00 and set a “sector outperform” rating on the stock in a report on Tuesday, January 21st. Finally, JPMorgan Chase & Co. raised their price target on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 15th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.25.

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.