Vestmark Advisory Solutions Inc. Acquires Shares of 4,143 Kinetik Holdings Inc. (NASDAQ:KNTK)

Vestmark Advisory Solutions Inc. acquired a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK) in the 4th quarter, Holdings Channel reports. The fund acquired 4,143 shares of the company’s stock, valued at approximately $235,000.

Several other large investors also recently bought and sold shares of the stock. Geode Capital Management LLC boosted its stake in Kinetik by 1.6% in the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock valued at $39,742,000 after acquiring an additional 13,644 shares in the last quarter. Merewether Investment Management LP boosted its stake in shares of Kinetik by 56.6% during the third quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock worth $29,976,000 after buying an additional 239,500 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Kinetik by 12.5% during the fourth quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company’s stock worth $27,675,000 after buying an additional 54,081 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in shares of Kinetik by 10.5% during the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 440,000 shares of the company’s stock worth $24,952,000 after buying an additional 41,864 shares during the period. Finally, Point72 Asset Management L.P. boosted its stake in shares of Kinetik by 30.6% during the third quarter. Point72 Asset Management L.P. now owns 352,558 shares of the company’s stock worth $15,957,000 after buying an additional 82,600 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Insider Buying and Selling at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the stock in a transaction dated Tuesday, March 4th. The shares were 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 directly owns 1,044,520 shares of the company’s stock, valued at approximately $58,106,647.60. This trade represents a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.71% of the stock is currently owned by corporate insiders.

Kinetik Stock Up 0.1 %

NASDAQ KNTK opened at $51.21 on Monday. The stock has a market capitalization of $8.07 billion, a P/E ratio of 18.90, a P/E/G ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a 52-week low of $35.19 and a 52-week high of $67.60. The firm has a 50-day moving average price of $60.71 and a 200 day moving average price of $54.56.

Kinetik Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were issued a $0.78 dividend. The ex-dividend date was Monday, February 3rd. This represents a $3.12 dividend on an annualized basis and a yield of 6.09%. Kinetik’s dividend payout ratio (DPR) is presently 305.88%.

Analyst Ratings Changes

KNTK has been the subject of several recent research reports. Barclays decreased their target price on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating for the company in a research note on Thursday. JPMorgan Chase & Co. increased 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. Wells Fargo & Company decreased their target price on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. Citigroup increased their target price on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Finally, The Goldman Sachs Group increased their price target on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Kinetik currently has an average rating of “Moderate Buy” and an average price target of $58.25.

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.