Prudential Financial Inc. Boosts Stock Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Prudential Financial Inc. grew its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 391.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 392,343 shares of the company’s stock after purchasing an additional 312,458 shares during the period. Prudential Financial Inc. owned about 0.25% of Kinetik worth $22,250,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Intech Investment Management LLC bought a new stake in Kinetik during the 3rd quarter valued at about $558,000. Charles Schwab Investment Management Inc. raised its stake in shares of Kinetik by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 307,929 shares of the company’s stock valued at $13,937,000 after acquiring an additional 9,882 shares in the last quarter. Quantbot Technologies LP grew its stake in Kinetik by 274.8% in the third quarter. Quantbot Technologies LP now owns 54,566 shares of the company’s stock worth $2,470,000 after purchasing an additional 40,008 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Kinetik during the 3rd quarter worth $1,887,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Kinetik by 14.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,867 shares of the company’s stock valued at $356,000 after purchasing an additional 983 shares in the last quarter. 21.11% of the stock is currently owned by institutional investors.

Insider Activity at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were 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 of the company’s stock, valued at approximately $34,628,320.78. The trade was a 61.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.71% of the stock is currently owned by corporate insiders.

Kinetik Trading Down 1.0 %

NASDAQ KNTK opened at $52.61 on Thursday. The firm’s fifty day simple moving average is $58.98 and its two-hundred day simple moving average is $55.30. The firm has a market capitalization of $8.30 billion, a P/E ratio of 19.41, a P/E/G ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a 12-month low of $37.65 and a 12-month high of $67.60.

Kinetik Announces Dividend

The firm 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. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $3.12 annualized dividend and a yield of 5.93%. Kinetik’s dividend payout ratio (DPR) is 305.88%.

Analyst Ratings Changes

Several brokerages have recently commented on KNTK. Barclays cut their price target on Kinetik from $61.00 to $57.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 6th. Royal Bank of Canada reduced their price target 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 increased their price objective on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Scotiabank reduced 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 note on Thursday, March 6th. Finally, JPMorgan Chase & Co. increased 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. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Kinetik currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.63.

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.