New York State Teachers Retirement System Makes New Investment in Kinetik Holdings Inc. (NASDAQ:KNTK)

New York State Teachers Retirement System purchased a new position in Kinetik Holdings Inc. (NASDAQ:KNTK) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 3,474 shares of the company’s stock, valued at approximately $197,000.

Other institutional investors have also added to or reduced their stakes in the company. Harbor Capital Advisors Inc. increased its stake in shares of Kinetik by 2.0% in the fourth quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company’s stock worth $515,000 after purchasing an additional 174 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Kinetik by 72.0% in the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after purchasing an additional 213 shares in the last quarter. Fifth Third Bancorp purchased a new stake in shares of Kinetik in the fourth quarter worth $26,000. Blue Trust Inc. increased its stake in shares of Kinetik by 18.1% in the fourth quarter. Blue Trust Inc. now owns 4,488 shares of the company’s stock worth $255,000 after purchasing an additional 687 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its stake in shares of Kinetik by 0.9% in the fourth quarter. Exchange Traded Concepts LLC now owns 81,230 shares of the company’s stock worth $4,607,000 after purchasing an additional 739 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

KNTK has been the subject of several research analyst reports. Wells Fargo & Company raised their target price on shares of Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. 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. Barclays raised their target price on shares of Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. The Goldman Sachs Group raised their target price on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, JPMorgan Chase & Co. raised their target price on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 15th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.25.

Kinetik Stock Down 1.3 %

Shares of NASDAQ:KNTK opened at $58.23 on Tuesday. Kinetik Holdings Inc. has a 52 week low of $33.10 and a 52 week high of $67.60. The stock has a market capitalization of $9.17 billion, a P/E ratio of 21.49, a PEG ratio of 1.52 and a beta of 2.89. The firm has a fifty day simple moving average of $60.94 and a two-hundred day simple moving average of $53.74.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were paid a $0.78 dividend. The ex-dividend date was Monday, February 3rd. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.36%. Kinetik’s payout ratio is currently 115.13%.

About Kinetik

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.