Fox Run Management L.L.C. Purchases New Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Fox Run Management L.L.C. acquired a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 9,923 shares of the company’s stock, valued at approximately $563,000.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Fifth Third Bancorp acquired a new position in Kinetik during the 4th quarter worth approximately $26,000. Canton Hathaway LLC purchased a new stake in shares of Kinetik during the fourth quarter valued at approximately $28,000. GAMMA Investing LLC raised its stake in shares of Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after purchasing an additional 213 shares during the period. Rialto Wealth Management LLC acquired a new position in shares of Kinetik during the fourth quarter worth $34,000. Finally, EverSource Wealth Advisors LLC purchased a new position in shares of Kinetik in the fourth quarter valued at $67,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Stock Up 1.7 %

Shares of NASDAQ KNTK opened at $53.61 on Tuesday. The stock’s 50 day moving average price is $59.35 and its two-hundred day moving average price is $55.26. Kinetik Holdings Inc. has a 52-week low of $37.65 and a 52-week high of $67.60. The stock has a market capitalization of $8.46 billion, a P/E ratio of 19.78, a PEG ratio of 1.52 and a beta of 2.85.

Kinetik Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 5.82%. The ex-dividend date was Monday, February 3rd. Kinetik’s dividend payout ratio is currently 305.88%.

Analysts Set New Price Targets

KNTK has been the topic of several analyst reports. Wells Fargo & Company dropped their price target 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. 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 report on Thursday, March 13th. The Goldman Sachs Group increased their price target on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Barclays dropped their price objective on Kinetik from $61.00 to $57.00 and set an “equal weight” rating on the stock in a report on Thursday, March 6th. Finally, Scotiabank decreased their price target on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 6th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Kinetik presently has a consensus rating of “Moderate Buy” and an average target price of $59.63.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 657,583 shares of the company’s stock, valued at $34,628,320.78. This trade represents a 61.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 3.71% of the stock is currently owned by company insiders.

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.