Advisors Asset Management Inc. Reduces Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Advisors Asset Management Inc. trimmed its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 7.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 295,761 shares of the company’s stock after selling 23,177 shares during the period. Advisors Asset Management Inc. owned approximately 0.19% of Kinetik worth $16,773,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of KNTK. Principal Financial Group Inc. purchased a new position in shares of Kinetik in the 3rd quarter valued at $921,000. Quest Partners LLC boosted its stake in Kinetik by 261.7% during the 3rd quarter. Quest Partners LLC now owns 41,448 shares of the company’s stock worth $1,876,000 after purchasing an additional 29,988 shares during the period. Intech Investment Management LLC acquired a new stake in Kinetik during the 3rd quarter worth $558,000. Charles Schwab Investment Management Inc. boosted its stake in Kinetik by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 307,929 shares of the company’s stock worth $13,937,000 after purchasing an additional 9,882 shares during the period. Finally, Quantbot Technologies LP boosted its stake in Kinetik by 274.8% during the 3rd quarter. Quantbot Technologies LP now owns 54,566 shares of the company’s stock worth $2,470,000 after purchasing an additional 40,008 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.

Kinetik Stock Up 2.0 %

Shares of NASDAQ KNTK opened at $54.03 on Tuesday. The firm has a 50-day moving average price of $59.99 and a 200 day moving average price of $54.93. Kinetik Holdings Inc. has a 52 week low of $36.56 and a 52 week high of $67.60. The stock has a market capitalization of $8.52 billion, a price-to-earnings ratio of 19.94, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were issued a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $3.12 annualized dividend and a yield of 5.77%. Kinetik’s dividend payout ratio (DPR) is currently 305.88%.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the completion of the sale, the insider now directly owns 1,044,520 shares in the company, valued at $58,106,647.60. The trade was a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.71% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on KNTK shares. Citigroup increased their price target 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. JPMorgan Chase & Co. increased their price target 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. Royal Bank of Canada decreased their price target on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Scotiabank decreased their price target 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, The Goldman Sachs Group raised their target price on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Kinetik currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.63.

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.