Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK – Get Rating) in the 3rd quarter, HoldingsChannel.com reports. The firm purchased 40,524 shares of the company’s stock, valued at approximately $1,320,000.
Other large investors have also added to or reduced their stakes in the company. Mackenzie Financial Corp bought a new position in shares of Kinetik during the 3rd quarter valued at approximately $4,176,000. Pendal Group Ltd bought a new position in Kinetik during the third quarter valued at $2,342,000. Finally, Pacer Advisors Inc. purchased a new stake in Kinetik in the third quarter worth $811,000.
Kinetik Stock Performance
KNTK stock opened at $31.30 on Friday. The firm has a 50 day moving average of $32.65 and a 200-day moving average of $35.10. Kinetik Holdings Inc. has a 12 month low of $29.05 and a 12 month high of $44.99.
Kinetik Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 16th. Stockholders of record on Monday, February 6th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, February 3rd. This represents a $3.00 dividend on an annualized basis and a dividend yield of 9.58%.
Analyst Ratings Changes
Several research analysts have recently weighed in on the company. The Goldman Sachs Group began coverage on Kinetik in a research note on Thursday, October 6th. They set a “neutral” rating and a $37.00 price target for the company. Mizuho cut their target price on shares of Kinetik from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, October 25th. Citigroup started coverage on shares of Kinetik in a research report on Thursday, December 8th. They issued a “buy” rating and a $36.00 price target on the stock. JPMorgan Chase & Co. assumed coverage on shares of Kinetik in a report on Friday, October 7th. They issued a “neutral” rating and a $42.00 price objective for the company. Finally, Morgan Stanley lowered their target price on shares of Kinetik from $44.00 to $41.00 and set an “equal weight” rating on the stock in a report on Monday, January 9th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Kinetik currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.43.
Insider Transactions at Kinetik
In other Kinetik news, insider Todd Carpenter sold 4,000 shares of Kinetik stock in a transaction that occurred on Monday, December 12th. The shares were sold at an average price of $32.48, for a total transaction of $129,920.00. Following the completion of the sale, the insider now directly owns 190,645 shares in the company, valued at $6,192,149.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 3.51% of the stock is owned by insiders.
Kinetik Company Profile
Kinetik Holdings, Inc provides oil and gas production and distribution services. It also provides comprehensive gathering, transportation, compression, processing and treating services for companies that produce natural gas, natural gas liquids, crude oil and water. The company is headquartered in Houston, TX.
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