Connor Clark & Lunn Investment Management Ltd. Makes New $3.11 Million Investment in Kinetik Holdings Inc. (NASDAQ:KNTK)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 54,878 shares of the company’s stock, valued at approximately $3,112,000.

Other hedge funds have also made changes to their positions in the company. Fifth Third Bancorp purchased a new position in Kinetik during the fourth quarter worth about $26,000. Canton Hathaway LLC acquired a new position in shares of Kinetik during the 4th quarter valued at about $28,000. GAMMA Investing LLC lifted its holdings 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 acquiring an additional 213 shares during the period. Rialto Wealth Management LLC purchased a new stake in Kinetik in the fourth quarter valued at approximately $34,000. Finally, EverSource Wealth Advisors LLC acquired a new position in Kinetik during the fourth quarter worth approximately $67,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Insider Transactions at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the completion of the sale, the insider now directly owns 1,044,520 shares in the company, valued at $58,106,647.60. This trade represents a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.71% of the company’s stock.

Kinetik Stock Performance

Shares of NASDAQ:KNTK opened at $54.03 on Tuesday. The business’s 50-day simple moving average is $59.99 and its 200 day simple moving average is $54.93. The company has a market cap of $8.52 billion, a P/E ratio of 19.94, a PEG ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a one year low of $36.56 and a one year high of $67.60.

Kinetik Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were paid a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.77%. Kinetik’s dividend payout ratio is currently 305.88%.

Analyst Ratings Changes

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

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.