Dynamic Technology Lab Private Ltd Acquires Shares of 12,710 Kinetik Holdings Inc. (NASDAQ:KNTK)

Dynamic Technology Lab Private Ltd bought a new position in Kinetik Holdings Inc. (NASDAQ:KNTK) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,710 shares of the company’s stock, valued at approximately $721,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in KNTK. Fifth Third Bancorp purchased a new stake in Kinetik during the fourth quarter valued at $26,000. Canton Hathaway LLC bought a new stake in Kinetik during the 4th quarter valued at approximately $28,000. GAMMA Investing LLC lifted its holdings 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 buying an additional 213 shares in the last quarter. Rialto Wealth Management LLC bought a new stake in Kinetik in the 4th quarter worth approximately $34,000. Finally, EverSource Wealth Advisors LLC bought a new position in shares of Kinetik in the 4th quarter valued at about $67,000. 21.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Scotiabank decreased their price objective on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. Royal Bank of Canada reduced their target price on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Citigroup raised their price objective on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. The Goldman Sachs Group boosted their target price 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. Finally, Wells Fargo & Company reduced their price objective on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $59.63.

Kinetik Stock Down 11.6 %

Kinetik stock opened at $43.46 on Monday. Kinetik Holdings Inc. has a 52-week low of $37.65 and a 52-week high of $67.60. The company’s 50 day moving average is $56.88 and its two-hundred day moving average is $55.68. The firm has a market cap of $6.86 billion, a PE ratio of 16.04, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Monday, February 3rd were issued a $0.78 dividend. The ex-dividend date was Monday, February 3rd. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.18%. Kinetik’s payout ratio is currently 305.88%.

Insider Buying and Selling at Kinetik

In other Kinetik 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 stock was sold at an average price of $55.63, for a total value of $219,873,736.53. Following the transaction, the insider now directly owns 1,044,520 shares in the company, valued at approximately $58,106,647.60. This trade represents a 79.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.71% of the stock is currently owned by insiders.

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.