Zurcher Kantonalbank Zurich Cantonalbank Boosts Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 95.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,386 shares of the company’s stock after acquiring an additional 7,519 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Kinetik were worth $873,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Fifth Third Bancorp purchased a new position in shares of Kinetik during the 4th quarter worth $26,000. Canton Hathaway LLC acquired a new stake in shares of Kinetik during the fourth quarter valued at about $28,000. GAMMA Investing LLC raised its stake 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 acquiring an additional 213 shares during the period. Rialto Wealth Management LLC acquired a new position in shares of Kinetik in the 4th quarter worth approximately $34,000. Finally, Bright Futures Wealth Management LLC. purchased a new position in shares of Kinetik during the 4th quarter worth approximately $189,000. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Kinetik Stock Down 1.1 %

Shares of Kinetik stock opened at $53.74 on Friday. The firm has a market capitalization of $8.48 billion, a P/E ratio of 19.83, a P/E/G ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a 52 week low of $37.04 and a 52 week high of $67.60. The firm’s 50 day moving average is $59.64 and its two-hundred day moving average is $54.98.

Kinetik Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders 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 5.81%. Kinetik’s dividend payout ratio is presently 305.88%.

Insider Activity

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on KNTK. Royal Bank of Canada lowered their price target on Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Scotiabank cut 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. Citigroup increased their price target on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. JPMorgan Chase & Co. lifted their price objective on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 15th. Finally, Barclays reduced their target price on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating on the stock in a report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Kinetik has an average rating of “Moderate Buy” and an average target price of $59.63.

Kinetik 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.