Commonwealth Equity Services LLC Has $2.35 Million Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Commonwealth Equity Services LLC trimmed its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 9.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 41,474 shares of the company’s stock after selling 4,346 shares during the period. Commonwealth Equity Services LLC’s holdings in Kinetik were worth $2,352,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on KNTK shares. Wells Fargo & Company reduced their price objective on 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 reduced their price target 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, March 6th. Royal Bank of Canada lowered their price objective on shares of 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 target price on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Finally, Barclays lowered their price target 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. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $59.63.

Kinetik Stock Performance

KNTK stock opened at $52.61 on Thursday. Kinetik Holdings Inc. has a 52-week low of $37.65 and a 52-week high of $67.60. The company has a market capitalization of $8.30 billion, a P/E ratio of 19.41, a PEG ratio of 1.52 and a beta of 2.85. The company has a fifty day moving average price of $58.98 and a 200-day moving average price of $55.30.

Kinetik Announces Dividend

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 dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 5.93%. The ex-dividend date was Monday, February 3rd. Kinetik’s payout ratio is presently 305.88%.

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 value of $55,004,370.54. Following the sale, the insider now directly owns 657,583 shares of the company’s stock, valued at approximately $34,628,320.78. This represents a 61.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 3.71% of the company’s stock.

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.