Kayne Anderson Capital Advisors LP Sells 163,918 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Kayne Anderson Capital Advisors LP reduced its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 17.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 795,311 shares of the company’s stock after selling 163,918 shares during the quarter. Kinetik makes up 1.1% of Kayne Anderson Capital Advisors LP’s holdings, making the stock its 19th largest position. Kayne Anderson Capital Advisors LP’s holdings in Kinetik were worth $45,102,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in KNTK. Harbor Capital Advisors Inc. boosted its holdings in shares of Kinetik by 2.0% in the 4th quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company’s stock valued at $515,000 after buying an additional 174 shares in the last quarter. GAMMA Investing LLC lifted its position in Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after acquiring an additional 213 shares during the last quarter. Private Advisor Group LLC boosted its stake in Kinetik by 5.3% in the fourth quarter. Private Advisor Group LLC now owns 8,859 shares of the company’s stock valued at $502,000 after acquiring an additional 448 shares in the last quarter. Fifth Third Bancorp acquired a new stake in Kinetik in the fourth quarter valued at approximately $26,000. Finally, Canton Hathaway LLC purchased a new position in Kinetik in the fourth quarter worth $28,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

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 shares were sold at an average price of $55.63, for a total transaction 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. This represents a 79.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.71% of the stock is currently owned by company insiders.

Kinetik Stock Performance

KNTK opened at $51.02 on Wednesday. The stock has a market capitalization of $8.05 billion, a PE ratio of 18.83, a P/E/G ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a one year low of $35.19 and a one year high of $67.60. The business’s 50 day moving average price is $60.45 and its 200 day moving average price is $54.66.

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 6.12%. The ex-dividend date was Monday, February 3rd. Kinetik’s payout ratio is 305.88%.

Analyst Upgrades and Downgrades

A number of research firms have commented on KNTK. Citigroup increased their price target on Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. 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 research report on Thursday, March 6th. Wells Fargo & Company dropped 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. The Goldman Sachs Group upped their price target on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 15th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $58.25.

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.