54,878 Shares in Kinetik Holdings Inc. (NASDAQ:KNTK) Bought by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 54,878 shares of the company’s stock, valued at approximately $3,112,000.

Other large investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp bought a new stake in shares of Kinetik in the 4th quarter worth about $26,000. Canton Hathaway LLC acquired a new position in Kinetik in the fourth quarter worth about $28,000. GAMMA Investing LLC increased its holdings in Kinetik by 72.0% in the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after buying an additional 213 shares during the last quarter. Rialto Wealth Management LLC acquired a new stake in Kinetik during the fourth quarter valued at approximately $34,000. Finally, EverSource Wealth Advisors LLC bought a new position in Kinetik during the 4th quarter worth approximately $67,000. 21.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on KNTK. Barclays lowered their price target on Kinetik from $61.00 to $57.00 and set an “equal weight” rating for the company in a report on Thursday, March 6th. Royal Bank of Canada lowered their target price on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. The Goldman Sachs Group raised their price target on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Wells Fargo & Company lowered their price objective on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. Finally, Scotiabank cut their target price on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $59.63.

Insider Buying and Selling at Kinetik

In related 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 shares were sold at an average price of $55.63, for a total value of $219,873,736.53. Following the completion of the transaction, the insider now owns 1,044,520 shares in the company, valued at $58,106,647.60. This represents a 79.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 3.71% of the stock is owned by company insiders.

Kinetik Trading Up 2.0 %

NASDAQ KNTK opened at $54.03 on Tuesday. The company has a 50-day moving average price of $59.99 and a two-hundred day moving average price of $54.93. Kinetik Holdings Inc. has a 52 week low of $36.56 and a 52 week high of $67.60. The stock has a market cap of $8.52 billion, a price-to-earnings ratio of 19.94, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 5.77%. The ex-dividend date was Monday, February 3rd. Kinetik’s dividend payout ratio is currently 305.88%.

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.