Trexquant Investment LP Raises Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Trexquant Investment LP increased its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 97.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 104,598 shares of the company’s stock after buying an additional 51,505 shares during the period. Trexquant Investment LP owned about 0.07% of Kinetik worth $5,932,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in KNTK. Vanguard Group Inc. raised its holdings in shares of Kinetik by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company’s stock valued at $226,967,000 after purchasing an additional 72,760 shares in the last quarter. Geode Capital Management LLC raised its stake in Kinetik by 1.6% in the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock worth $39,742,000 after buying an additional 13,644 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Kinetik by 12.5% during the fourth quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company’s stock worth $27,675,000 after buying an additional 54,081 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its position in Kinetik by 10.5% during the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 440,000 shares of the company’s stock valued at $24,952,000 after acquiring an additional 41,864 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its holdings in shares of Kinetik by 8,475.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company’s stock valued at $24,442,000 after acquiring an additional 425,977 shares during the period. 21.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the company’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 value of $55,004,370.54. Following the sale, the insider now owns 657,583 shares in the company, valued at approximately $34,628,320.78. This represents a 61.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 3.71% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on KNTK. Wells Fargo & Company cut their target price on Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. JPMorgan Chase & Co. lifted their price target on shares of Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 15th. Royal Bank of Canada lowered their price objective on Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Barclays reduced their target price on Kinetik from $61.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 6th. Finally, Scotiabank lowered their price target on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $59.63.

Kinetik Price Performance

NASDAQ:KNTK opened at $43.46 on Friday. The company’s fifty day moving average price is $56.88 and its 200-day moving average price is $55.54. Kinetik Holdings Inc. has a 1-year low of $37.65 and a 1-year high of $67.60. The firm has a market capitalization of $6.86 billion, a P/E ratio of 16.04, a PEG ratio of 1.52 and a beta of 2.85.

Kinetik Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were paid a $0.78 dividend. 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 7.18%. Kinetik’s payout ratio is 305.88%.

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.