4,212 Shares in Kinetik Holdings Inc. (NASDAQ:KNTK) Acquired by Aristeia Capital L.L.C.

Aristeia Capital L.L.C. bought a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK) in the 4th quarter, HoldingsChannel reports. The fund bought 4,212 shares of the company’s stock, valued at approximately $239,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Fifth Third Bancorp acquired a new stake in shares of Kinetik in the 4th quarter worth $26,000. Canton Hathaway LLC purchased a new stake in Kinetik in the fourth quarter valued at about $28,000. GAMMA Investing LLC grew its stake in shares of Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock worth $29,000 after acquiring an additional 213 shares during the last quarter. Rialto Wealth Management LLC acquired a new position in shares of Kinetik during the fourth quarter valued at about $34,000. Finally, Comerica Bank raised its position in shares of Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock valued at $45,000 after purchasing an additional 195 shares during the last quarter. 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 stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the transaction, the insider now owns 1,044,520 shares in the company, valued at approximately $58,106,647.60. This represents a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.83% of the company’s stock.

Wall Street Analyst Weigh In

KNTK has been the topic of several research analyst reports. Royal Bank of Canada dropped their target price on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Barclays upped their target price on Kinetik from $57.00 to $58.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 16th. Wells Fargo & Company dropped their price target on Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. Scotiabank reduced their price objective on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. Finally, JPMorgan Chase & Co. upped their target price on Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 15th. Four 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 company has an average rating of “Moderate Buy” and an average price target of $58.56.

Kinetik Stock Up 0.9 %

Kinetik stock opened at $41.46 on Friday. Kinetik Holdings Inc. has a 52 week low of $37.85 and a 52 week high of $67.60. The firm has a market cap of $6.54 billion, a price-to-earnings ratio of 15.30, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68. The business’s 50-day moving average price is $48.40 and its 200 day moving average price is $54.84.

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 7.53%. The ex-dividend date of this dividend was Friday, April 25th. Kinetik’s dividend payout ratio (DPR) 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.