Aquatic Capital Management LLC Takes $990,000 Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Aquatic Capital Management LLC bought a new stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 17,451 shares of the company’s stock, valued at approximately $990,000.

A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Kinetik by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 4,002,232 shares of the company’s stock valued at $226,967,000 after buying an additional 72,760 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Kinetik by 3.0% during the 4th quarter. Invesco Ltd. now owns 1,247,843 shares of the company’s stock valued at $70,765,000 after buying an additional 36,362 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Kinetik by 7.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 629,326 shares of the company’s stock valued at $35,689,000 after buying an additional 43,629 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Kinetik by 12.5% in the 4th quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company’s stock worth $27,675,000 after purchasing an additional 54,081 shares in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in Kinetik by 10.5% during the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 440,000 shares of the company’s stock valued at $24,952,000 after purchasing an additional 41,864 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

Insider Activity at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total value of $219,873,736.53. Following the completion of the sale, the insider now owns 1,044,520 shares of the company’s stock, valued at approximately $58,106,647.60. This represents a 79.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.83% of the stock is currently owned by insiders.

Kinetik Stock Down 3.9 %

Kinetik stock opened at $41.34 on Thursday. The company’s 50-day moving average price is $49.05 and its 200-day moving average price is $54.92. Kinetik Holdings Inc. has a twelve month low of $37.65 and a twelve month high of $67.60. The company has a market cap of $6.52 billion, a PE ratio of 15.25, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68.

Kinetik Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 2nd. Investors of record on Friday, April 25th will be issued a dividend of $0.78 per share. The ex-dividend date is Friday, April 25th. This represents a $3.12 annualized dividend and a yield of 7.55%. Kinetik’s payout ratio is 305.88%.

Wall Street Analyst Weigh In

Several brokerages recently commented on KNTK. Scotiabank cut their price objective on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. US Capital Advisors raised shares of Kinetik from a “hold” rating to a “moderate buy” rating in a research report on Monday, April 7th. Royal Bank of Canada cut their price objective on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. JPMorgan Chase & Co. upped their target price 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. Finally, UBS Group started coverage on shares of Kinetik in a research note on Tuesday. They set a “neutral” rating and a $49.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $58.56.

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.