Private Advisor Group LLC Grows Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

Private Advisor Group LLC increased its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 5.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,859 shares of the company’s stock after purchasing an additional 448 shares during the quarter. Private Advisor Group LLC’s holdings in Kinetik were worth $502,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Principal Financial Group Inc. grew its position in shares of Kinetik by 8.2% during the fourth quarter. Principal Financial Group Inc. now owns 22,017 shares of the company’s stock worth $1,249,000 after purchasing an additional 1,671 shares in the last quarter. Quaero Capital S.A. grew its position in shares of Kinetik by 92.5% during the fourth quarter. Quaero Capital S.A. now owns 25,800 shares of the company’s stock worth $1,463,000 after purchasing an additional 12,400 shares in the last quarter. Rhumbline Advisers grew its position in shares of Kinetik by 2.0% during the fourth quarter. Rhumbline Advisers now owns 61,018 shares of the company’s stock worth $3,460,000 after purchasing an additional 1,189 shares in the last quarter. Blue Trust Inc. grew its holdings in Kinetik by 18.1% during the 4th quarter. Blue Trust Inc. now owns 4,488 shares of the company’s stock valued at $255,000 after buying an additional 687 shares in the last quarter. Finally, New York State Teachers Retirement System purchased a new position in Kinetik during the 4th quarter valued at approximately $197,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Stock Performance

Shares of KNTK stock opened at $56.79 on Tuesday. Kinetik Holdings Inc. has a 52-week low of $34.27 and a 52-week high of $67.60. The firm has a market capitalization of $8.95 billion, a P/E ratio of 20.96, a P/E/G ratio of 1.52 and a beta of 2.89. The stock has a 50 day moving average price of $61.07 and a 200 day moving average price of $54.20.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.49%. The ex-dividend date was Monday, February 3rd. Kinetik’s dividend payout ratio is currently 305.88%.

Analysts Set New Price Targets

Several equities analysts have weighed in on KNTK shares. Barclays raised their price target on Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. The Goldman Sachs Group raised their price target on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Citigroup raised their price target on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th. JPMorgan Chase & Co. raised their price objective on Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 15th. Finally, Wells Fargo & Company lowered their price objective on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Friday. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Kinetik presently has an average rating of “Moderate Buy” and an average target price of $59.00.

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.