Pictet Asset Management Holding SA Raises Stake in Kinetik Holdings Inc. (NASDAQ:KNTK)

Pictet Asset Management Holding SA raised its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 8,475.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 431,003 shares of the company’s stock after buying an additional 425,977 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Kinetik were worth $24,442,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Prudential Financial Inc. grew its stake in Kinetik by 391.1% during the fourth quarter. Prudential Financial Inc. now owns 392,343 shares of the company’s stock valued at $22,250,000 after acquiring an additional 312,458 shares in the last quarter. Merewether Investment Management LP grew its position in shares of Kinetik by 56.6% during the 3rd quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock valued at $29,976,000 after purchasing an additional 239,500 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Kinetik in the fourth quarter worth $11,241,000. JPMorgan Chase & Co. raised its position in shares of Kinetik by 54.1% in the fourth quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company’s stock worth $13,794,000 after buying an additional 85,378 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its position in shares of Kinetik by 30.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 352,558 shares of the company’s stock valued at $15,957,000 after buying an additional 82,600 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors.

Kinetik Stock Up 1.4 %

Shares of KNTK stock opened at $51.94 on Tuesday. The firm has a market capitalization of $8.19 billion, a price-to-earnings ratio of 19.16, a PEG ratio of 1.52 and a beta of 2.85. The stock has a fifty day moving average of $58.17 and a 200 day moving average of $55.55. Kinetik Holdings Inc. has a 52 week low of $37.65 and a 52 week high of $67.60.

Kinetik Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were given a $0.78 dividend. The ex-dividend date was Monday, February 3rd. This represents a $3.12 annualized dividend and a dividend yield of 6.01%. Kinetik’s dividend payout ratio is 305.88%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on KNTK shares. Scotiabank reduced their target price on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. Citigroup raised their price objective on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Wells Fargo & Company cut their target price on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. 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. Finally, Royal Bank of Canada dropped their price target on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Kinetik currently has a consensus rating of “Moderate Buy” and an average target price of $59.63.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now owns 1,044,520 shares in the company, valued at $58,106,647.60. This trade represents a 79.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 3.71% of the company’s stock.

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.