1,182 Shares in Kinetik Holdings Inc. (NASDAQ:KNTK) Acquired by EverSource Wealth Advisors LLC

EverSource Wealth Advisors LLC bought a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 1,182 shares of the company’s stock, valued at approximately $67,000.

Other large investors have also recently added to or reduced their stakes in the company. Barclays PLC increased its stake in Kinetik by 34.5% during the 3rd quarter. Barclays PLC now owns 234,286 shares of the company’s stock worth $10,603,000 after buying an additional 60,058 shares during the period. Principal Financial Group Inc. purchased a new stake in Kinetik during the 3rd quarter worth approximately $921,000. Allspring Global Investments Holdings LLC increased its position in shares of Kinetik by 14,124.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company’s stock valued at $820,000 after purchasing an additional 13,842 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Kinetik by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock valued at $39,742,000 after purchasing an additional 13,644 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Kinetik by 53.5% in the 3rd 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 last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on KNTK shares. Royal Bank of Canada dropped their price objective on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. The Goldman Sachs Group increased their price objective on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. JPMorgan Chase & Co. increased their price objective 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. 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 report on Friday, February 28th. Finally, Barclays dropped their price objective on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $59.63.

Kinetik Trading Up 1.9 %

Shares of Kinetik stock opened at $54.33 on Thursday. The company has a fifty day simple moving average of $59.76 and a 200-day simple moving average of $54.99. Kinetik Holdings Inc. has a 12-month low of $36.84 and a 12-month high of $67.60. The stock has a market cap of $8.57 billion, a price-to-earnings ratio of 20.05, a PEG ratio of 1.52 and a beta of 2.85.

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 5.74%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik’s dividend payout ratio is currently 305.88%.

Insider Buying and Selling

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the completion of the sale, the insider now owns 657,583 shares in the company, valued at $34,628,320.78. This represents a 61.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.71% of the stock is owned by company insiders.

Kinetik Company 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.