Kinetik Holdings Inc. (NASDAQ:KNTK) Stock Position Raised by Principle Wealth Partners LLC

Principle Wealth Partners LLC increased its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 16.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 7,202 shares of the company’s stock after acquiring an additional 1,030 shares during the period. Principle Wealth Partners LLC’s holdings in Kinetik were worth $408,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in KNTK. Merewether Investment Management LP increased its holdings 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 acquiring an additional 239,500 shares during the last quarter. Point72 Asset Management L.P. increased its holdings 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 acquiring an additional 82,600 shares during the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Kinetik during the 3rd quarter valued at about $3,558,000. PDT Partners LLC acquired a new position in shares of Kinetik during the 3rd quarter valued at about $3,297,000. Finally, Advisors Asset Management Inc. increased its holdings in shares of Kinetik by 26.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 318,938 shares of the company’s stock valued at $14,435,000 after acquiring an additional 66,329 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analysts Set New Price Targets

KNTK has been the topic of a number of analyst reports. Scotiabank lowered their price objective on Kinetik from $64.00 to $62.00 and set a “sector outperform” rating on the stock in a report on Tuesday, January 21st. The Goldman Sachs Group raised their target price on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Wells Fargo & Company raised their target price on Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Citigroup raised their target price on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, Royal Bank of Canada raised their target price on Kinetik from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $59.25.

Kinetik Trading Down 1.5 %

Shares of NASDAQ:KNTK opened at $62.71 on Wednesday. Kinetik Holdings Inc. has a 1-year low of $31.98 and a 1-year high of $67.60. The firm has a market capitalization of $9.88 billion, a PE ratio of 23.14, a PEG ratio of 1.60 and a beta of 2.89. The business’s 50 day moving average is $60.33 and its 200-day moving average is $52.49.

Kinetik Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd will be issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 4.98%. The ex-dividend date is Monday, February 3rd. Kinetik’s payout ratio is presently 115.13%.

About Kinetik

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.