Private Advisor Group LLC Raises Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Private Advisor Group LLC grew its position in Kinetik Holdings Inc. (NASDAQ:KNTK) by 5.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 8,859 shares of the company’s stock after purchasing an additional 448 shares during the quarter. Private Advisor Group LLC’s holdings in Kinetik were worth $502,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Fifth Third Bancorp purchased a new stake in shares of Kinetik in the 4th quarter worth $26,000. GAMMA Investing LLC raised its position in shares of Kinetik by 72.0% in the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after acquiring an additional 213 shares in the last quarter. Ashton Thomas Securities LLC bought a new position in shares of Kinetik in the 3rd quarter worth $46,000. Bright Futures Wealth Management LLC. bought a new position in shares of Kinetik in the 4th quarter worth $189,000. Finally, New York State Teachers Retirement System bought a new position in shares of Kinetik in the 4th quarter worth $197,000. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Kinetik Price Performance

Shares of NASDAQ:KNTK opened at $56.79 on Tuesday. The business’s 50-day moving average is $61.07 and its 200 day moving average is $54.20. Kinetik Holdings Inc. has a 1 year low of $34.27 and a 1 year high of $67.60. The firm has a market capitalization of $8.95 billion, a P/E ratio of 20.96, a P/E/G ratio of 1.52 and a beta of 2.89.

Kinetik Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.49%. The ex-dividend date was Monday, February 3rd. Kinetik’s dividend payout ratio is presently 305.88%.

Analysts Set New Price Targets

KNTK has been the subject of several recent research reports. Scotiabank reduced their price target on Kinetik from $64.00 to $62.00 and set a “sector outperform” rating for the company in a research report on Tuesday, January 21st. Barclays boosted their price target on Kinetik from $47.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Monday, January 13th. Wells Fargo & Company reduced their price target on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday. The Goldman Sachs Group boosted their price target on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Finally, JPMorgan Chase & Co. upped their target price on Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 15th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $59.00.

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.