Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 95.6% in the 4th quarter, Holdings Channel reports. The firm owned 15,386 shares of the company’s stock after purchasing an additional 7,519 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Kinetik were worth $873,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fifth Third Bancorp purchased a new position in Kinetik in the 4th quarter valued at approximately $26,000. Canton Hathaway LLC purchased a new position in shares of Kinetik in the fourth quarter valued at $28,000. GAMMA Investing LLC raised its stake 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 buying an additional 213 shares during the last quarter. Rialto Wealth Management LLC purchased a new stake in shares of Kinetik in the 4th quarter worth about $34,000. Finally, Bright Futures Wealth Management LLC. acquired a new stake in Kinetik in the 4th quarter valued at about $189,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Royal Bank of Canada reduced their price target on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. JPMorgan Chase & Co. increased their target price on Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 15th. Citigroup upped their price objective on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. The Goldman Sachs Group lifted their price objective on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Finally, Wells Fargo & Company cut their target price on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.63.

Insider Activity 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 shares were sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of the sale, the insider now owns 657,583 shares of the company’s stock, valued at $34,628,320.78. This represents a 61.37 % 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. 3.71% of the stock is owned by insiders.

Kinetik Stock Performance

Shares of KNTK stock opened at $53.74 on Friday. The firm has a market capitalization of $8.48 billion, a price-to-earnings ratio of 19.83, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a one year low of $37.04 and a one year high of $67.60. The company has a 50 day moving average price of $59.64 and a 200 day moving average price of $54.98.

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 5.81%. The ex-dividend date was Monday, February 3rd. 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.