Walleye Capital LLC Sells 21,546 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Walleye Capital LLC lowered its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 30.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,301 shares of the company’s stock after selling 21,546 shares during the period. Walleye Capital LLC’s holdings in Kinetik were worth $2,853,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of KNTK. Fifth Third Bancorp bought a new position in shares of Kinetik in the fourth quarter worth $26,000. Canton Hathaway LLC bought a new stake in shares of Kinetik during the 4th quarter valued at about $28,000. GAMMA Investing LLC increased its position in shares of Kinetik by 72.0% in the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after purchasing an additional 213 shares during the last quarter. Rialto Wealth Management LLC bought a new stake in Kinetik during the fourth quarter valued at approximately $34,000. Finally, Sterling Capital Management LLC increased its holdings in shares of Kinetik by 789.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company’s stock worth $62,000 after buying an additional 971 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

Insider Buying and Selling

In other Kinetik 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 transaction of $55,004,370.54. Following the completion of the transaction, the insider now owns 657,583 shares of the company’s stock, valued at approximately $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 can be accessed through this link. 3.71% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on KNTK shares. Royal Bank of Canada cut their target price 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. US Capital Advisors upgraded shares of Kinetik from a “hold” rating to a “moderate buy” rating in a research report on Monday, April 7th. Scotiabank cut their price objective 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 decreased their target price on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Friday, February 28th. Finally, The Goldman Sachs Group raised their price target on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Three equities research 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 has an average rating of “Moderate Buy” and an average target price of $59.75.

Kinetik Stock Up 0.9 %

Shares of Kinetik stock opened at $43.73 on Friday. The company has a market cap of $6.90 billion, a PE ratio of 16.14, a P/E/G ratio of 1.52 and a beta of 2.68. The business has a 50 day moving average of $52.37 and a 200 day moving average of $55.26. Kinetik Holdings Inc. has a 52 week low of $37.65 and a 52 week high of $67.60.

Kinetik Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 2nd. Stockholders of record on Friday, April 25th will be paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.13%. The ex-dividend date of this dividend is Friday, April 25th. Kinetik’s payout ratio is 305.88%.

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.