Dividend Assets Capital LLC Makes New Investment in Kinetik Holdings Inc. (NASDAQ:KNTK)

Dividend Assets Capital LLC acquired a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,290 shares of the company’s stock, valued at approximately $527,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Versor Investments LP acquired a new stake in Kinetik during the third quarter worth about $543,000. Barclays PLC boosted its position in Kinetik by 34.5% during the third quarter. Barclays PLC now owns 234,286 shares of the company’s stock worth $10,603,000 after purchasing an additional 60,058 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in Kinetik in the third quarter valued at approximately $921,000. Eos Management L.P. increased its position in shares of Kinetik by 84.9% in the third quarter. Eos Management L.P. now owns 27,000 shares of the company’s stock valued at $1,222,000 after buying an additional 12,400 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Kinetik by 1.6% during the 3rd 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 during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on KNTK. JPMorgan Chase & Co. boosted 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. Citigroup boosted their target price on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. The Goldman Sachs Group lifted their price objective on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Barclays boosted their price objective on Kinetik from $47.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. Finally, Wells Fargo & Company raised their target price on Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $59.25.

Kinetik Stock Performance

Kinetik stock opened at $59.07 on Friday. Kinetik Holdings Inc. has a 1 year low of $33.10 and a 1 year high of $67.60. The company’s 50 day simple moving average is $60.90 and its 200-day simple moving average is $53.43. The company has a market capitalization of $9.30 billion, a price-to-earnings ratio of 21.80, a price-to-earnings-growth ratio of 1.55 and a beta of 2.89.

Kinetik Announces Dividend

The firm 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. This represents a $3.12 annualized dividend and a yield of 5.28%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik’s payout ratio is currently 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.