12,710 Shares in Kinetik Holdings Inc. (NASDAQ:KNTK) Bought by Dynamic Technology Lab Private Ltd

Dynamic Technology Lab Private Ltd purchased a new stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 12,710 shares of the company’s stock, valued at approximately $721,000.

Several other hedge funds and other institutional investors have also made changes to their positions in KNTK. Wells Fargo & Company MN boosted its stake in Kinetik by 40.6% during the 4th quarter. Wells Fargo & Company MN now owns 33,080 shares of the company’s stock valued at $1,876,000 after acquiring an additional 9,560 shares during the last quarter. Resona Asset Management Co. Ltd. bought a new position in Kinetik in the 4th quarter worth about $398,000. Bornite Capital Management LP increased its position in Kinetik by 25.1% in the 4th quarter. Bornite Capital Management LP now owns 438,000 shares of the company’s stock valued at $24,839,000 after acquiring an additional 88,000 shares during the period. Cinctive Capital Management LP acquired a new position in shares of Kinetik during the fourth quarter valued at $930,000. Finally, Trexquant Investment LP increased its stake in Kinetik by 97.0% during the 4th quarter. Trexquant Investment LP now owns 104,598 shares of the company’s stock valued at $5,932,000 after buying an additional 51,505 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Stock Down 11.6 %

NASDAQ:KNTK opened at $43.46 on Monday. Kinetik Holdings Inc. has a 12-month low of $37.65 and a 12-month high of $67.60. The stock’s fifty day simple moving average is $56.88 and its 200-day simple moving average is $55.68. The firm has a market capitalization of $6.86 billion, a P/E ratio of 16.04, a P/E/G ratio of 1.52 and a beta of 2.68.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 7.18%. The ex-dividend date was Monday, February 3rd. Kinetik’s payout ratio is presently 305.88%.

Analyst Ratings Changes

A number of research firms recently issued reports on KNTK. Barclays lowered their target price on Kinetik from $61.00 to $57.00 and set an “equal weight” rating on the stock in a report on Thursday, March 6th. The Goldman Sachs Group boosted their target price on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Scotiabank reduced 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. Wells Fargo & Company reduced their price objective on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 15th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Kinetik presently has a consensus rating of “Moderate Buy” and an average price target of $59.63.

Insider Buying and Selling

In other 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 stock was sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the sale, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.71% of the stock is currently owned by company insiders.

Kinetik Company 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.