Legal & General Group Plc Boosts Stock Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Legal & General Group Plc lifted its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 13.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 42,201 shares of the company’s stock after purchasing an additional 5,034 shares during the period. Legal & General Group Plc’s holdings in Kinetik were worth $2,393,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of KNTK. Barclays PLC boosted its position in Kinetik by 34.5% during the 3rd quarter. Barclays PLC now owns 234,286 shares of the company’s stock valued at $10,603,000 after acquiring an additional 60,058 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Kinetik by 14,124.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company’s stock worth $820,000 after purchasing an additional 13,842 shares during the last quarter. Principal Financial Group Inc. purchased a new position in Kinetik in the third quarter valued at about $921,000. JPMorgan Chase & Co. grew its stake in Kinetik by 53.5% in the third 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. Finally, 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 valued at $27,675,000 after buying an additional 54,081 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on KNTK. Scotiabank reduced their price objective on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. Barclays increased their price objective on Kinetik from $57.00 to $58.00 and gave the company an “equal weight” rating in a report on Wednesday, April 16th. Royal Bank of Canada dropped their target price on Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. 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. Finally, Wells Fargo & Company lowered 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. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Kinetik currently has a consensus rating of “Moderate Buy” and an average price target of $59.75.

Insider Transactions at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the sale, the insider now directly owns 1,044,520 shares of the company’s stock, valued at $58,106,647.60. This trade represents a 79.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.83% of the company’s stock.

Kinetik Stock Up 3.4 %

Kinetik stock opened at $43.25 on Friday. Kinetik Holdings Inc. has a 52 week low of $37.65 and a 52 week high of $67.60. The stock has a 50-day moving average price of $50.44 and a 200 day moving average price of $55.09. The company has a market capitalization of $6.82 billion, a price-to-earnings ratio of 15.96, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 2nd. Stockholders of record on Friday, April 25th will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 7.21%. The ex-dividend date of this dividend is Friday, April 25th. Kinetik’s dividend payout ratio (DPR) is currently 305.88%.

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.