Keybank National Association OH Takes $245,000 Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Keybank National Association OH bought a new stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 4,329 shares of the company’s stock, valued at approximately $245,000.

Several other hedge funds have also modified their holdings of the stock. Harbor Capital Advisors Inc. lifted its holdings in shares of Kinetik by 2.0% during the fourth quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company’s stock valued at $515,000 after purchasing an additional 174 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of 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 purchasing an additional 213 shares during the last quarter. Private Advisor Group LLC lifted its holdings in shares of Kinetik by 5.3% during the fourth quarter. Private Advisor Group LLC now owns 8,859 shares of the company’s stock valued at $502,000 after purchasing an additional 448 shares during the last quarter. Fifth Third Bancorp purchased a new stake in shares of Kinetik during the fourth quarter valued at $26,000. Finally, Canton Hathaway LLC purchased a new stake in shares of Kinetik during the fourth quarter valued at $28,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

Kinetik Price Performance

Shares of KNTK stock opened at $51.02 on Wednesday. Kinetik Holdings Inc. has a fifty-two week low of $35.19 and a fifty-two week high of $67.60. The stock’s 50-day moving average is $60.45 and its two-hundred day moving average is $54.66. The firm has a market cap of $8.05 billion, a P/E ratio of 18.83, a PEG ratio of 1.52 and a beta of 2.85.

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 6.12%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik’s payout ratio is currently 305.88%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on KNTK. JPMorgan Chase & Co. increased their price objective on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 15th. Barclays reduced their price objective on Kinetik from $61.00 to $57.00 and set an “equal weight” rating for the company in a research note on Thursday, March 6th. Wells Fargo & Company reduced 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, February 28th. The Goldman Sachs Group increased their price objective on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, Citigroup increased their price objective on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $58.25.

Insiders Place Their Bets

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the transaction, the insider now owns 1,044,520 shares of the company’s stock, valued at approximately $58,106,647.60. This represents a 79.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.71% of the company’s stock.

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.