Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by Barclays PLC

Barclays PLC cut its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 8.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 214,357 shares of the company’s stock after selling 19,929 shares during the quarter. Barclays PLC owned about 0.14% of Kinetik worth $12,156,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Kinetik by 1.9% during 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 during the period. Invesco Ltd. grew its position in Kinetik by 3.0% in the fourth quarter. Invesco Ltd. now owns 1,247,843 shares of the company’s stock valued at $70,765,000 after acquiring an additional 36,362 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Kinetik by 1.6% during the third 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 period. Bank of New York Mellon Corp lifted 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 in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in shares of Kinetik by 10.5% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 440,000 shares of the company’s stock valued at $24,952,000 after purchasing an additional 41,864 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Wall Street Analysts Forecast Growth

KNTK has been the topic of a number of recent analyst reports. Scotiabank cut their price objective 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. Barclays boosted their price target on Kinetik from $57.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 16th. 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 report on Friday, February 28th. Royal Bank of Canada dropped their price objective on Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Finally, JPMorgan Chase & Co. raised their price target on shares of Kinetik from $63.00 to $65.00 and gave the stock 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. According to MarketBeat.com, Kinetik presently has an average rating of “Moderate Buy” and an average price target of $59.75.

Insider Buying and Selling at Kinetik

In other 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 stock was sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of the transaction, the insider now owns 657,583 shares of the company’s stock, valued at approximately $34,628,320.78. This represents a 61.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 3.83% of the stock is owned by company insiders.

Kinetik Stock Performance

KNTK stock opened at $40.90 on Tuesday. The stock’s fifty day moving average is $51.58 and its two-hundred day moving average is $55.31. The stock has a market capitalization of $6.45 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 1.52 and a beta of 2.68. Kinetik Holdings Inc. has a 1 year low of $37.65 and a 1 year high of $67.60.

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 2nd. Shareholders of record on Friday, April 25th will be given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 7.63%. The ex-dividend date is Friday, April 25th. Kinetik’s dividend payout ratio (DPR) is 305.88%.

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.