Kinetik Holdings Inc. (NASDAQ:KNTK) Major Shareholder Isq Global Fund Ii Gp Llc Sells 1,044,519 Shares

Kinetik Holdings Inc. (NASDAQ:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock in a transaction on Monday, March 17th. The shares were sold at an average price of $52.66, for a total value of $55,004,370.54. Following the sale, the insider now directly owns 657,583 shares of the company’s stock, valued at approximately $34,628,320.78. The trade was a 61.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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 shares were sold at an average price of $55.63, for a total value of $219,873,736.53.

Kinetik Stock Performance

Kinetik stock opened at $54.33 on Thursday. The business’s 50-day simple moving average is $59.76 and its 200-day simple moving average is $54.99. The firm has a market capitalization of $8.57 billion, a PE ratio of 20.05, a PEG ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a 52 week low of $36.84 and a 52 week high of $67.60.

Kinetik Announces Dividend

The firm also recently disclosed 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 5.74%. Kinetik’s payout ratio is presently 305.88%.

Hedge Funds Weigh In On Kinetik

A number of institutional investors have recently made changes to their positions in KNTK. Westwood Holdings Group Inc. increased its stake in shares of Kinetik by 78.3% in the fourth quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company’s stock worth $61,429,000 after purchasing an additional 475,606 shares during the period. Pictet Asset Management Holding SA increased its stake in shares of Kinetik by 8,475.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company’s stock worth $24,442,000 after purchasing an additional 425,977 shares during the period. Prudential Financial Inc. increased its stake in shares of Kinetik by 391.1% in the fourth quarter. Prudential Financial Inc. now owns 392,343 shares of the company’s stock worth $22,250,000 after purchasing an additional 312,458 shares during the period. Merewether Investment Management LP increased its stake in 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 acquiring an additional 239,500 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Kinetik during the fourth quarter valued at about $11,241,000. 21.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Wells Fargo & Company reduced their price objective on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. Scotiabank cut their target price on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. Citigroup raised their target price on Kinetik from $54.00 to $58.00 and gave the company 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 on the stock in a report on Thursday, March 13th. Finally, Barclays cut their target price on Kinetik from $61.00 to $57.00 and set an “equal weight” rating on the stock in a report 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. According to MarketBeat, the stock currently has a consensus 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.