Barnett & Company Inc. Lowers Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Barnett & Company Inc. lessened its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 1.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 134,853 shares of the company’s stock after selling 1,925 shares during the quarter. Kinetik accounts for approximately 5.0% of Barnett & Company Inc.’s investment portfolio, making the stock its 3rd biggest position. Barnett & Company Inc. owned about 0.09% of Kinetik worth $7,648,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of KNTK. Harbor Capital Advisors Inc. increased its stake in Kinetik by 2.0% during the 4th quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company’s stock worth $515,000 after acquiring an additional 174 shares during the period. GAMMA Investing LLC increased its position 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 during the period. Private Advisor Group LLC lifted its position in Kinetik by 5.3% during the fourth quarter. Private Advisor Group LLC now owns 8,859 shares of the company’s stock worth $502,000 after purchasing an additional 448 shares during the period. Fifth Third Bancorp bought a new stake in Kinetik during the fourth quarter worth about $26,000. Finally, Canton Hathaway LLC acquired a new stake in Kinetik during the fourth quarter worth about $28,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

KNTK has been the subject of a number of recent analyst reports. Citigroup upped their price target on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Royal Bank of Canada cut their target price on Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Wells Fargo & Company reduced their target price on Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. The Goldman Sachs Group boosted their price target on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, Scotiabank reduced their price objective on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Kinetik presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.63.

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total value of $219,873,736.53. Following the transaction, the insider now directly owns 1,044,520 shares of the company’s stock, valued at $58,106,647.60. The trade was a 79.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.71% of the stock is owned by company insiders.

Kinetik Price Performance

Kinetik stock opened at $52.64 on Monday. The business has a 50 day moving average of $59.49 and a 200-day moving average of $55.19. Kinetik Holdings Inc. has a 1 year low of $37.65 and a 1 year high of $67.60. The company has a market capitalization of $8.31 billion, a P/E ratio of 19.42, a P/E/G ratio of 1.52 and a beta of 2.85.

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 5.93%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik’s 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.