Cibc World Markets Corp Makes New Investment in Kinetik Holdings Inc. (NASDAQ:KNTK)

Cibc World Markets Corp bought a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) during the fourth quarter, Holdings Channel reports. The institutional investor bought 3,580 shares of the company’s stock, valued at approximately $203,000.

A number of other large investors also recently modified their holdings of KNTK. Intech Investment Management LLC bought a new stake in shares of Kinetik in the 3rd quarter worth approximately $558,000. Charles Schwab Investment Management Inc. increased its position in Kinetik by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 307,929 shares of the company’s stock valued at $13,937,000 after acquiring an additional 9,882 shares during the period. Quantbot Technologies LP raised its stake in Kinetik by 274.8% during the 3rd quarter. Quantbot Technologies LP now owns 54,566 shares of the company’s stock valued at $2,470,000 after acquiring an additional 40,008 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Kinetik during the 3rd quarter worth $1,887,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Kinetik by 14.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,867 shares of the company’s stock worth $356,000 after purchasing an additional 983 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors.

Kinetik Stock Down 1.0 %

Shares of Kinetik stock opened at $52.61 on Thursday. Kinetik Holdings Inc. has a 12-month low of $37.65 and a 12-month high of $67.60. The firm has a market capitalization of $8.30 billion, a PE ratio of 19.41, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85. The stock’s fifty day moving average is $58.98 and its 200-day moving average is $55.30.

Kinetik Dividend Announcement

The company also recently disclosed 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. This represents a $3.12 dividend on an annualized basis and a yield of 5.93%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik’s dividend payout ratio is presently 305.88%.

Insiders Place Their Bets

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of the sale, the insider now owns 657,583 shares of the company’s stock, valued at $34,628,320.78. This trade represents a 61.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 3.71% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 15th. Citigroup raised their price objective on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Scotiabank cut their target price on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 6th. Royal Bank of Canada lowered their price target on Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Finally, The Goldman Sachs Group upped their price objective on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.63.

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.