Dividend Assets Capital LLC Takes $527,000 Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Dividend Assets Capital LLC acquired a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 9,290 shares of the company’s stock, valued at approximately $527,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Geode Capital Management LLC increased its position 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 period. Merewether Investment Management LP lifted its position in Kinetik by 56.6% in 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 during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in shares of Kinetik by 10.5% in 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 in the last quarter. Point72 Asset Management L.P. grew its stake in shares of Kinetik by 30.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 352,558 shares of the company’s stock worth $15,957,000 after purchasing an additional 82,600 shares during the period. Finally, Advisors Asset Management Inc. grew its position in Kinetik by 26.3% during the third 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 during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

KNTK has been the subject of a number of research analyst reports. Wells Fargo & Company raised their price target on Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. Scotiabank reduced their price target on Kinetik from $64.00 to $62.00 and set a “sector outperform” rating on the stock in a research note on Tuesday, January 21st. JPMorgan Chase & Co. raised their target price on shares of Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 15th. Barclays lifted their target price on Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. Finally, Citigroup boosted their price objective on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Kinetik currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.25.

Kinetik Stock Performance

NASDAQ:KNTK opened at $59.07 on Friday. Kinetik Holdings Inc. has a one year low of $33.10 and a one year high of $67.60. The business’s 50-day simple moving average is $60.90 and its 200 day simple moving average is $53.43. The stock has a market cap of $9.30 billion, a price-to-earnings ratio of 21.80, a price-to-earnings-growth ratio of 1.55 and a beta of 2.89.

Kinetik Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.28%. The ex-dividend date was Monday, February 3rd. Kinetik’s payout ratio is currently 115.13%.

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.