Barnett & Company Inc. Sells 1,925 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Barnett & Company Inc. decreased its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 1.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 134,853 shares of the company’s stock after selling 1,925 shares during the period. Kinetik accounts for about 5.0% of Barnett & Company Inc.’s investment portfolio, making the stock its 3rd biggest holding. Barnett & Company Inc.’s holdings in Kinetik were worth $7,648,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Kinetik by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company’s stock valued at $226,967,000 after buying an additional 72,760 shares in the last quarter. Geode Capital Management LLC grew its stake in Kinetik by 1.6% in the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock valued at $39,742,000 after acquiring an additional 13,644 shares during the period. Merewether Investment Management LP increased its holdings in shares of Kinetik by 56.6% during the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock valued at $29,976,000 after acquiring an additional 239,500 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Kinetik by 12.5% during the fourth quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company’s stock worth $27,675,000 after purchasing an additional 54,081 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in shares of Kinetik by 10.5% in the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 440,000 shares of the company’s stock worth $24,952,000 after purchasing an additional 41,864 shares in the last quarter. Institutional investors own 21.11% of the company’s stock.

Kinetik Stock Down 2.0 %

Shares of NASDAQ KNTK opened at $52.64 on Monday. The company has a market capitalization of $8.31 billion, a PE ratio of 19.42, a PEG ratio of 1.52 and a beta of 2.85. The stock’s 50 day moving average price is $59.49 and its 200-day moving average price is $55.19. Kinetik Holdings Inc. has a twelve month low of $37.65 and a twelve month high of $67.60.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were paid a $0.78 dividend. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $3.12 dividend on an annualized basis and a yield of 5.93%. Kinetik’s dividend payout ratio (DPR) is presently 305.88%.

Insider Activity

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total value of $219,873,736.53. Following the sale, the insider now owns 1,044,520 shares of the company’s stock, valued at approximately $58,106,647.60. The trade was a 79.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on KNTK shares. Barclays lowered their price objective on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating on the stock in a report on Thursday, March 6th. Scotiabank lowered their target price on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. JPMorgan Chase & Co. raised their price target on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 15th. The Goldman Sachs Group boosted 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. Finally, Wells Fargo & Company dropped their target price on Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $59.63.

Kinetik 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.