Van ECK Associates Corp Trims Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Van ECK Associates Corp cut its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 65.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,503 shares of the company’s stock after selling 16,024 shares during the quarter. Van ECK Associates Corp’s holdings in Kinetik were worth $482,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC increased its holdings in shares of Kinetik by 14,124.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company’s stock valued at $820,000 after purchasing an additional 13,842 shares in the last quarter. Principle Wealth Partners LLC increased its holdings in shares of Kinetik by 16.7% during the 4th quarter. Principle Wealth Partners LLC now owns 7,202 shares of the company’s stock valued at $408,000 after purchasing an additional 1,030 shares in the last quarter. Wealthstar Advisors LLC purchased a new position in shares of Kinetik during the 4th quarter valued at approximately $718,000. Miller Howard Investments Inc. NY increased its holdings in shares of Kinetik by 5.3% during the 4th quarter. Miller Howard Investments Inc. NY now owns 269,970 shares of the company’s stock valued at $15,310,000 after purchasing an additional 13,611 shares in the last quarter. Finally, Round Rock Advisors LLC purchased a new position in shares of Kinetik during the 4th quarter valued at approximately $303,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

Kinetik Stock Down 0.6 %

Shares of KNTK opened at $59.07 on Friday. Kinetik Holdings Inc. has a 52-week low of $33.10 and a 52-week high of $67.60. The firm’s fifty day moving average is $60.90 and its two-hundred day moving average is $53.53. The stock has a market cap of $9.31 billion, a PE ratio of 21.80, a price-to-earnings-growth ratio of 1.52 and a beta of 2.89.

Kinetik Announces Dividend

The firm also recently announced 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 of this dividend was Monday, February 3rd. This represents a $3.12 annualized dividend and a yield of 5.28%. Kinetik’s dividend payout ratio (DPR) is presently 115.13%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on KNTK shares. Scotiabank cut their target price on shares of Kinetik from $64.00 to $62.00 and set a “sector outperform” rating for the company in a report on Tuesday, January 21st. Barclays lifted their target price on shares of Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. The Goldman Sachs Group boosted 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. Citigroup boosted their price target on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Finally, Wells Fargo & Company boosted their price target on shares of Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $59.25.

Kinetik Company 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.