Russell Investments Group Ltd. Reduces Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Russell Investments Group Ltd. reduced its position in Kinetik Holdings Inc. (NASDAQ:KNTK) by 16.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 44,017 shares of the company’s stock after selling 8,635 shares during the period. Russell Investments Group Ltd.’s holdings in Kinetik were worth $2,496,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Stifel Financial Corp purchased a new stake in Kinetik in the third quarter valued at approximately $202,000. Barclays PLC raised its position in Kinetik by 34.5% in the 3rd quarter. Barclays PLC now owns 234,286 shares of the company’s stock valued at $10,603,000 after purchasing an additional 60,058 shares during the last quarter. Geode Capital Management LLC boosted its stake in 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 purchasing an additional 13,644 shares during the period. Principal Financial Group Inc. purchased a new position in Kinetik during the 3rd quarter worth $921,000. Finally, JPMorgan Chase & Co. increased its stake in Kinetik by 53.5% in the third quarter. JPMorgan Chase & Co. now owns 157,858 shares of the company’s stock valued at $7,145,000 after purchasing an additional 55,050 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Stock Up 0.9 %

Shares of KNTK opened at $43.73 on Friday. The company has a market capitalization of $6.90 billion, a PE ratio of 16.14, a P/E/G ratio of 1.52 and a beta of 2.68. Kinetik Holdings Inc. has a 52-week low of $37.65 and a 52-week high of $67.60. The company has a 50-day simple moving average of $52.37 and a 200-day simple moving average of $55.26.

Kinetik Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 2nd. Stockholders of record on Friday, April 25th will be given a dividend of $0.78 per share. The ex-dividend date is Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.13%. Kinetik’s payout ratio is 305.88%.

Insider Transactions at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock in a transaction on Monday, March 17th. The stock was sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the completion of the transaction, the insider now owns 657,583 shares of the company’s stock, valued at $34,628,320.78. The trade was a 61.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 3.71% of the company’s stock.

Analyst Ratings Changes

KNTK has been the subject of several recent research reports. JPMorgan Chase & Co. increased their target price on shares of Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 15th. Barclays boosted their target price on Kinetik from $57.00 to $58.00 and gave the company an “equal weight” rating in a report on Wednesday. Royal Bank of Canada decreased their price target on Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. The Goldman Sachs Group boosted their price objective on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, Wells Fargo & Company reduced their target price on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.75.

About Kinetik

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.