Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. decreased its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 7.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 19,022 shares of the company’s stock after selling 1,435 shares during the quarter. Corebridge Financial Inc.’s holdings in Kinetik were worth $1,079,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Fifth Third Bancorp purchased a new stake in shares of Kinetik in the fourth quarter valued at approximately $26,000. Canton Hathaway LLC acquired a new stake in Kinetik in the 4th quarter valued at $28,000. GAMMA Investing LLC increased its holdings in Kinetik by 72.0% in the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after acquiring an additional 213 shares in the last quarter. Rialto Wealth Management LLC acquired a new position in Kinetik during the fourth quarter worth $34,000. Finally, EverSource Wealth Advisors LLC purchased a new position in Kinetik during the fourth quarter valued at $67,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Stock Down 11.6 %

Shares of KNTK opened at $43.46 on Friday. The stock has a fifty day simple moving average of $56.88 and a two-hundred day simple moving average of $55.54. The company has a market capitalization of $6.86 billion, a PE ratio of 16.04, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a 52-week low of $37.65 and a 52-week high of $67.60.

Kinetik Dividend Announcement

The company 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. This represents a $3.12 dividend on an annualized basis and a yield of 7.18%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik’s dividend payout ratio (DPR) is presently 305.88%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on KNTK shares. Scotiabank cut their target price on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. Wells Fargo & Company reduced their target price on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. 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 note on Thursday, March 13th. Citigroup increased their price objective on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Finally, Barclays lowered their target price on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating on the stock in a research note 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 stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $59.63.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock in a transaction that occurred on 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 owns 1,044,520 shares of the company’s stock, valued at approximately $58,106,647.60. The trade was a 79.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.71% of the stock is currently owned by company insiders.

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.