Kinetik Holdings Inc. (NASDAQ:KNTK - Get Free Report) major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the company's stock in a transaction that occurred on 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 transaction, the insider now owns 1,044,520 shares in the company, valued at approximately $58,106,647.60. This represents a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Large shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.
Kinetik Trading Down 4.8 %
Shares of NASDAQ:KNTK opened at $51.31 on Friday. Kinetik Holdings Inc. has a 52 week low of $34.27 and a 52 week high of $67.60. The company's 50 day moving average is $60.92 and its two-hundred day moving average is $54.37. The company has a market cap of $8.08 billion, a PE ratio of 18.93, a P/E/G ratio of 1.52 and a beta of 2.85.
Kinetik Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.08%. The ex-dividend date was Monday, February 3rd. Kinetik's dividend payout ratio (DPR) is 305.88%.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on KNTK. Wells Fargo & Company cut their target price on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Friday, February 28th. Scotiabank cut their target price on shares of Kinetik from $62.00 to $60.00 and set a "sector outperform" rating on the stock in a research note on Thursday. The Goldman Sachs Group upped their target price on shares of Kinetik from $46.00 to $61.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. Barclays cut their target price on shares of Kinetik from $61.00 to $57.00 and set an "equal weight" rating on the stock in a research note on Thursday. Finally, JPMorgan Chase & Co. upped 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 analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $58.25.
View Our Latest Analysis on KNTK
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the stock. Harbor Capital Advisors Inc. grew its position in shares of Kinetik by 2.0% in the 4th quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company's stock valued at $515,000 after buying an additional 174 shares during the last quarter. Comerica Bank grew its position in shares of Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after buying an additional 195 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Kinetik by 72.0% in the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company's stock valued at $29,000 after buying an additional 213 shares during the last quarter. Private Advisor Group LLC grew its position in shares of Kinetik by 5.3% in the 4th quarter. Private Advisor Group LLC now owns 8,859 shares of the company's stock valued at $502,000 after buying an additional 448 shares during the last quarter. Finally, Fifth Third Bancorp purchased a new position in shares of Kinetik in the 4th quarter valued at $26,000. 21.11% of the stock is owned by hedge funds and other institutional investors.
About Kinetik
(
Get Free Report)
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. This story was reviewed by InsiderTrades.com's editorial team prior to publication. Please send any questions or comments about this story to contact@insidertrades.com.
