Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Purchased by First Trust Advisors LP

First Trust Advisors LP increased its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 4.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 139,833 shares of the company’s stock after buying an additional 5,584 shares during the quarter. First Trust Advisors LP owned about 0.09% of Kinetik worth $7,930,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Kinetik by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company’s stock worth $226,967,000 after acquiring an additional 72,760 shares during the last quarter. Invesco Ltd. grew its position in Kinetik by 3.0% during the 4th quarter. Invesco Ltd. now owns 1,247,843 shares of the company’s stock worth $70,765,000 after purchasing an additional 36,362 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Kinetik by 12.5% in the fourth quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company’s stock valued at $27,675,000 after purchasing an additional 54,081 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in shares of Kinetik by 10.5% in 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 buying an additional 41,864 shares during the last quarter. Finally, Bornite Capital Management LP boosted its stake in shares of Kinetik by 25.1% during the fourth quarter. Bornite Capital Management LP now owns 438,000 shares of the company’s stock worth $24,839,000 after buying an additional 88,000 shares during the period. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Analyst Upgrades and Downgrades

KNTK has been the subject of several analyst reports. JPMorgan Chase & Co. upped their price objective on Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 15th. UBS Group began coverage on Kinetik in a report on Tuesday. They set a “neutral” rating and a $49.00 price target for the company. Wells Fargo & Company dropped their price objective on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. Scotiabank reduced their target price on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. Finally, Royal Bank of Canada cut their price target on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Kinetik has a consensus rating of “Moderate Buy” and a consensus price target of $58.56.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the business’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total value of $219,873,736.53. Following the completion of the transaction, the insider now directly owns 1,044,520 shares of the company’s stock, valued at $58,106,647.60. The trade was a 79.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.83% of the stock is currently owned by insiders.

Kinetik Stock Performance

KNTK opened at $42.97 on Wednesday. The company has a market cap of $6.78 billion, a price-to-earnings ratio of 15.86, a PEG ratio of 1.52 and a beta of 2.68. Kinetik Holdings Inc. has a one year low of $37.65 and a one year high of $67.60. The business’s fifty day moving average is $49.41 and its two-hundred day moving average is $55.01.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 2nd. Investors of record on Friday, April 25th will be paid a $0.78 dividend. The ex-dividend date of this dividend is Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.26%. Kinetik’s payout ratio is 305.88%.

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.