Bright Futures Wealth Management LLC. Buys New Shares in Kinetik Holdings Inc. (NASDAQ:KNTK)

Bright Futures Wealth Management LLC. bought a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,324 shares of the company’s stock, valued at approximately $189,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of KNTK. SG Americas Securities LLC grew its stake in shares of Kinetik by 71.9% during the third quarter. SG Americas Securities LLC now owns 5,678 shares of the company’s stock valued at $257,000 after buying an additional 2,375 shares during the last quarter. CWM LLC grew its stake in shares of Kinetik by 2,030.9% during the third quarter. CWM LLC now owns 3,793 shares of the company’s stock valued at $172,000 after buying an additional 3,615 shares during the last quarter. Creative Planning grew its stake in shares of Kinetik by 70.4% during the third quarter. Creative Planning now owns 26,132 shares of the company’s stock valued at $1,183,000 after buying an additional 10,792 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Kinetik by 244.9% during the third quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after buying an additional 2,699 shares during the last quarter. Finally, Raymond James & Associates grew its stake in shares of Kinetik by 74.2% during the third quarter. Raymond James & Associates now owns 108,334 shares of the company’s stock valued at $4,903,000 after buying an additional 46,157 shares during the last quarter. 21.11% of the stock is owned by institutional investors.

Kinetik Price Performance

Shares of KNTK opened at $61.31 on Friday. Kinetik Holdings Inc. has a one year low of $31.98 and a one year high of $67.60. The company has a 50-day simple moving average of $60.47 and a two-hundred day simple moving average of $52.62. The firm has a market capitalization of $9.66 billion, a PE ratio of 22.62, a price-to-earnings-growth ratio of 1.60 and a beta of 2.89.

Kinetik Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were issued a $0.78 dividend. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $3.12 annualized dividend and a yield of 5.09%. Kinetik’s dividend payout ratio (DPR) is presently 115.13%.

Wall Street Analysts Forecast Growth

KNTK has been the topic of a number of recent research reports. The Goldman Sachs Group raised their price objective on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Barclays raised their price objective on Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Wells Fargo & Company increased their target price on shares of Kinetik from $58.00 to $60.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Scotiabank dropped their target price on shares of Kinetik from $64.00 to $62.00 and set a “sector outperform” rating for the company in a report on Tuesday, January 21st. Finally, Citigroup increased their target price on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $59.25.

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.