HUB Investment Partners LLC Sells 1,633 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

HUB Investment Partners LLC cut its position in Kinetik Holdings Inc. (NASDAQ:KNTK) by 18.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 7,233 shares of the company’s stock after selling 1,633 shares during the quarter. HUB Investment Partners LLC’s holdings in Kinetik were worth $410,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in KNTK. Fifth Third Bancorp acquired a new stake in 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 stake in Kinetik by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after purchasing 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 bought a new position in shares of Kinetik in the fourth quarter valued at $67,000. 21.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

KNTK has been the subject of several recent research reports. JPMorgan Chase & Co. boosted their target price on shares of Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 15th. Scotiabank lowered 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. The Goldman Sachs Group lifted their target price on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Royal Bank of Canada cut their price target on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Finally, Barclays decreased their price objective on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating for the company in a research note on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Kinetik currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.63.

Kinetik Trading Down 2.0 %

Kinetik stock opened at $52.64 on Friday. Kinetik Holdings Inc. has a 12 month low of $37.04 and a 12 month high of $67.60. The business’s 50 day simple moving average is $59.49 and its 200 day simple moving average is $55.03. The company has a market cap of $8.31 billion, a price-to-earnings ratio of 19.42, a PEG ratio of 1.52 and a beta of 2.85.

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 5.93%. The ex-dividend date was Monday, February 3rd. Kinetik’s dividend payout ratio (DPR) is currently 305.88%.

Insider Activity at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the 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 sale, the insider now owns 657,583 shares in the company, valued at $34,628,320.78. This represents a 61.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 3.71% of the stock is currently owned by corporate insiders.

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.