Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Acquired by Prudential Financial Inc.

Prudential Financial Inc. increased its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 391.1% in the fourth quarter, HoldingsChannel reports. The firm owned 392,343 shares of the company’s stock after acquiring an additional 312,458 shares during the quarter. Prudential Financial Inc.’s holdings in Kinetik were worth $22,250,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Harbor Capital Advisors Inc. lifted its stake in Kinetik by 2.0% during the 4th quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company’s stock valued at $515,000 after acquiring an additional 174 shares during the period. GAMMA Investing LLC lifted its position in Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after purchasing an additional 213 shares during the period. Private Advisor Group LLC boosted its holdings in Kinetik by 5.3% in the fourth quarter. Private Advisor Group LLC now owns 8,859 shares of the company’s stock valued at $502,000 after purchasing an additional 448 shares during the last quarter. Fifth Third Bancorp acquired a new stake in Kinetik during the 4th quarter worth about $26,000. Finally, Canton Hathaway LLC purchased a new position in shares of Kinetik during the 4th quarter valued at about $28,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Wall Street Analyst Weigh In

KNTK has been the topic of a number of recent research reports. Citigroup upped their target price on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Barclays cut their target price on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating for the company in a report on Thursday, March 6th. Royal Bank of Canada lowered their price target on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. The Goldman Sachs Group lifted their price objective on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, 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. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $59.63.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the completion of the sale, the insider now owns 657,583 shares of the company’s stock, valued at $34,628,320.78. This represents a 61.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.71% of the company’s stock.

Kinetik Stock Down 1.0 %

Shares of NASDAQ KNTK opened at $52.61 on Thursday. The firm has a market cap of $8.30 billion, a price-to-earnings ratio of 19.41, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85. The company’s 50-day simple moving average is $58.98 and its 200-day simple moving average is $55.30. Kinetik Holdings Inc. has a 52-week low of $37.65 and a 52-week high of $67.60.

Kinetik Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were paid a dividend of $0.78 per share. The ex-dividend date was Monday, February 3rd. This represents a $3.12 annualized dividend and a yield of 5.93%. Kinetik’s dividend payout ratio (DPR) is currently 305.88%.

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.