Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 54.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 243,236 shares of the company’s stock after acquiring an additional 85,378 shares during the period. JPMorgan Chase & Co.’s holdings in Kinetik were worth $13,794,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. lifted its holdings in shares of Kinetik by 2.0% in the fourth quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company’s stock valued at $515,000 after purchasing an additional 174 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Kinetik by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after purchasing an additional 213 shares during the last quarter. Private Advisor Group LLC raised its position in shares of Kinetik by 5.3% during the 4th quarter. Private Advisor Group LLC now owns 8,859 shares of the company’s stock worth $502,000 after purchasing an additional 448 shares during the last quarter. Fifth Third Bancorp purchased a new stake in Kinetik in the 4th quarter valued at approximately $26,000. Finally, Canton Hathaway LLC acquired a new stake in Kinetik during the 4th quarter valued at $28,000. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Price Performance

Kinetik stock opened at $42.26 on Friday. Kinetik Holdings Inc. has a 12 month low of $37.65 and a 12 month high of $67.60. The company has a market cap of $6.67 billion, a price-to-earnings ratio of 15.59, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68. The stock’s 50-day moving average is $53.98 and its 200-day moving average is $55.38.

Kinetik Announces Dividend

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 dividend of $0.78 per share. The ex-dividend date was Monday, February 3rd. This represents a $3.12 annualized dividend and a yield of 7.38%. Kinetik’s dividend payout ratio is currently 305.88%.

Insider Transactions at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 1,044,520 shares of the company’s stock, valued at $58,106,647.60. This represents a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.71% of the company’s stock.

Analyst Upgrades and Downgrades

KNTK has been the topic of several recent research reports. Barclays reduced their price objective on Kinetik from $61.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 6th. Citigroup upped their target price on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Royal Bank of Canada lowered 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. Wells Fargo & Company reduced 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. Finally, JPMorgan Chase & Co. lifted their target price 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. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.63.

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.