Pictet Asset Management Holding SA Has $24.44 Million Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Pictet Asset Management Holding SA raised its position in Kinetik Holdings Inc. (NASDAQ:KNTK) by 8,475.5% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 431,003 shares of the company’s stock after purchasing an additional 425,977 shares during the period. Pictet Asset Management Holding SA owned 0.27% of Kinetik worth $24,442,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Fifth Third Bancorp acquired a new position in Kinetik in the fourth quarter valued at $26,000. Canton Hathaway LLC bought a new position in shares of Kinetik in the 4th quarter worth about $28,000. GAMMA Investing LLC lifted its stake in shares of Kinetik by 72.0% in 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 during the period. Rialto Wealth Management LLC bought a new stake in shares of Kinetik during the 4th quarter valued at about $34,000. Finally, EverSource Wealth Advisors LLC acquired a new stake in Kinetik during the fourth quarter worth approximately $67,000. 21.11% of the stock is owned by institutional investors.

Insider Buying and Selling at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the business’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total value of $219,873,736.53. Following the sale, the insider now directly owns 1,044,520 shares in the company, valued at $58,106,647.60. The trade was a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 3.71% of the company’s stock.

Kinetik Price Performance

Shares of Kinetik stock opened at $51.94 on Tuesday. The firm has a market cap of $8.19 billion, a PE ratio of 19.16, a P/E/G ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a 1 year low of $37.65 and a 1 year high of $67.60. The stock has a fifty day moving average price of $58.17 and a 200-day moving average price of $55.55.

Kinetik Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 6.01%. The ex-dividend date was Monday, February 3rd. Kinetik’s dividend payout ratio is 305.88%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Wells Fargo & Company lowered their price objective on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. JPMorgan Chase & Co. lifted their price target on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, January 15th. The Goldman Sachs Group increased their price objective on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Citigroup boosted their target price on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Finally, Scotiabank cut their price target on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has an average 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.