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

Maridea Wealth Management LLC purchased a new position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 9,462 shares of the company’s stock, valued at approximately $537,000.

A number of other large investors have also recently bought and sold shares of KNTK. Harbor Capital Advisors Inc. boosted its position in shares of Kinetik by 2.0% during the 4th quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company’s stock valued at $515,000 after purchasing an additional 174 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Kinetik by 72.0% during the 4th 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. Private Advisor Group LLC grew its position in shares of Kinetik by 5.3% during the 4th quarter. Private Advisor Group LLC now owns 8,859 shares of the company’s stock worth $502,000 after buying an additional 448 shares during the period. Fifth Third Bancorp bought a new stake in shares of Kinetik in the 4th quarter valued at $26,000. Finally, Canton Hathaway LLC acquired a new position in shares of Kinetik during the 4th quarter valued at $28,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on KNTK shares. Citigroup raised their price target on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Scotiabank decreased their target price on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 6th. JPMorgan Chase & Co. upped their price target on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 15th. 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. Finally, Royal Bank of Canada lowered their target price on Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $59.63.

Insider Buying and Selling at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the business’s stock in a transaction 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 owns 1,044,520 shares of the company’s stock, valued at approximately $58,106,647.60. The trade was a 79.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.71% of the company’s stock.

Kinetik Stock Down 0.7 %

Shares of NASDAQ:KNTK opened at $51.11 on Friday. The business’s 50 day moving average is $58.43 and its 200 day moving average is $55.33. Kinetik Holdings Inc. has a 12-month low of $37.65 and a 12-month high of $67.60. The stock has a market cap of $8.06 billion, a price-to-earnings ratio of 18.86, a PEG ratio of 1.52 and a beta of 2.85.

Kinetik Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 6.10%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik’s payout ratio is 305.88%.

Kinetik Company 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.