Victory Capital Management Inc. Trims Stock Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Victory Capital Management Inc. trimmed its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 6.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 250,759 shares of the company’s stock after selling 15,955 shares during the period. Victory Capital Management Inc.’s holdings in Kinetik were worth $14,221,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Harbor Capital Advisors Inc. raised its stake 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 acquiring an additional 174 shares during the period. GAMMA Investing LLC grew its holdings in shares of Kinetik by 72.0% in 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 grew its holdings in shares of 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 in the last quarter. Fifth Third Bancorp acquired a new position in shares of Kinetik in the fourth quarter valued at approximately $26,000. Finally, Canton Hathaway LLC acquired a new position in shares of Kinetik in the fourth quarter valued at approximately $28,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the sale, the insider now directly owns 1,044,520 shares of the company’s stock, valued at $58,106,647.60. This trade represents a 79.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.71% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on KNTK. Citigroup lifted their price objective on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Wells Fargo & Company lowered their target price on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a report 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 for the company in a research report on Thursday, March 6th. The Goldman Sachs Group upped their price target on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Finally, Barclays cut their price objective on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating for the company in a research report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $58.25.

Kinetik Stock Up 2.1 %

NASDAQ:KNTK opened at $52.01 on Thursday. The stock has a market cap of $8.21 billion, a PE ratio of 19.19, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a fifty-two week low of $35.19 and a fifty-two week high of $67.60. The firm’s fifty day simple moving average is $60.45 and its 200-day simple moving average is $54.66.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were paid 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 6.00%. Kinetik’s payout ratio is 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.