Bright Futures Wealth Management LLC. Makes New $189,000 Investment in Kinetik Holdings Inc. (NASDAQ:KNTK)

Bright Futures Wealth Management LLC. bought a new stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 3,324 shares of the company’s stock, valued at approximately $189,000.

Several other large investors have also recently made changes to their positions in the business. Geode Capital Management LLC lifted its holdings in shares of Kinetik by 1.6% during the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock valued at $39,742,000 after purchasing an additional 13,644 shares during the last quarter. Merewether Investment Management LP lifted its holdings in shares of Kinetik by 56.6% during the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock valued at $29,976,000 after purchasing an additional 239,500 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of Kinetik by 10.5% during the fourth 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. Point72 Asset Management L.P. increased its position in shares of Kinetik by 30.6% during the third quarter. Point72 Asset Management L.P. now owns 352,558 shares of the company’s stock valued at $15,957,000 after acquiring an additional 82,600 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its position in shares of Kinetik by 26.3% during the third quarter. Advisors Asset Management Inc. now owns 318,938 shares of the company’s stock valued at $14,435,000 after acquiring an additional 66,329 shares in the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

KNTK has been the subject of several analyst reports. Scotiabank reduced their price target on shares of Kinetik from $64.00 to $62.00 and set a “sector outperform” rating for the company in a research report on Tuesday, January 21st. Citigroup raised their price target on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. The Goldman Sachs Group lifted their target price 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 lifted their target price on shares of Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 15th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Kinetik currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.25.

Kinetik Trading Down 0.2 %

NASDAQ:KNTK opened at $61.31 on Friday. The company has a 50 day simple moving average of $60.47 and a two-hundred day simple moving average of $52.62. The company has a market cap of $9.66 billion, a PE ratio of 22.62, a price-to-earnings-growth ratio of 1.60 and a beta of 2.89. Kinetik Holdings Inc. has a 12 month low of $31.98 and a 12 month high of $67.60.

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 5.09%. The ex-dividend date was Monday, February 3rd. Kinetik’s dividend payout ratio is presently 115.13%.

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.