Kinetik Holdings Inc. (NASDAQ:KNTK) Major Shareholder Sells $55,004,370.54 in Stock

Kinetik Holdings Inc. (NASDAQ:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the completion of the transaction, the insider now directly owns 657,583 shares in the company, valued at $34,628,320.78. This trade represents a 61.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Isq Global Fund Ii Gp Llc also recently made the following trade(s):

• On Tuesday, March 4th, Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock. The stock was sold at an average price of $55.63, for a total transaction of $219,873,736.53.

Kinetik Trading Up 1.9 %

Shares of KNTK stock traded up $0.99 on Wednesday, reaching $54.33. 513,932 shares of the stock were exchanged, compared to its average volume of 570,712. The business’s 50 day moving average price is $59.76 and its 200 day moving average price is $54.99. The company has a market capitalization of $8.57 billion, a price-to-earnings ratio of 20.05, a PEG ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a twelve month low of $36.84 and a twelve month high of $67.60.

Kinetik Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.74%. Kinetik’s payout ratio is currently 305.88%.

Hedge Funds Weigh In On Kinetik

Institutional investors and hedge funds have recently modified their holdings of the company. Barclays PLC lifted its position in Kinetik by 34.5% in the third quarter. Barclays PLC now owns 234,286 shares of the company’s stock valued at $10,603,000 after acquiring an additional 60,058 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in Kinetik in the third quarter valued at $921,000. Allspring Global Investments Holdings LLC lifted its position in Kinetik by 14,124.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company’s stock valued at $820,000 after acquiring an additional 13,842 shares during the last quarter. Geode Capital Management LLC lifted its position in Kinetik by 1.6% in the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock valued at $39,742,000 after acquiring an additional 13,644 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Kinetik by 53.5% in the third quarter. JPMorgan Chase & Co. now owns 157,858 shares of the company’s stock valued at $7,145,000 after acquiring an additional 55,050 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Barclays reduced their price target on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 6th. Citigroup lifted their target price on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Scotiabank dropped their target price on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. JPMorgan Chase & Co. lifted their target price on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 15th. Finally, Wells Fargo & Company dropped their price target on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $59.63.

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.