EverSource Wealth Advisors LLC Invests $67,000 in Kinetik Holdings Inc. (NASDAQ:KNTK)

EverSource Wealth Advisors LLC bought a new position in Kinetik Holdings Inc. (NASDAQ:KNTK) in the 4th quarter, Holdings Channel.com reports. The firm bought 1,182 shares of the company’s stock, valued at approximately $67,000.

Other hedge funds also recently made changes to their positions in the company. Barclays PLC lifted its stake in shares of Kinetik by 34.5% in the 3rd quarter. Barclays PLC now owns 234,286 shares of the company’s stock worth $10,603,000 after acquiring an additional 60,058 shares during the period. Principal Financial Group Inc. acquired a new stake in shares of Kinetik in the 3rd quarter worth $921,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Kinetik by 14,124.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company’s stock worth $820,000 after acquiring an additional 13,842 shares during the period. Geode Capital Management LLC lifted its stake in shares of Kinetik by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock worth $39,742,000 after acquiring an additional 13,644 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Kinetik by 53.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 157,858 shares of the company’s stock worth $7,145,000 after acquiring an additional 55,050 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price target on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Scotiabank cut their price target on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. Royal Bank of Canada cut 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. Wells Fargo & Company cut their price target on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. increased their price target on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 15th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.63.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock in a transaction dated 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 completion of the sale, the insider now directly owns 1,044,520 shares in the company, valued at $58,106,647.60. The trade was a 79.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.71% of the stock is currently owned by insiders.

Kinetik Trading Up 1.9 %

NASDAQ:KNTK opened at $54.33 on Thursday. The firm has a 50-day moving average price of $59.76 and a two-hundred day moving average price of $54.99. Kinetik Holdings Inc. has a twelve month low of $36.84 and a twelve month high of $67.60. The company has a market capitalization of $8.57 billion, a P/E ratio of 20.05, a price-to-earnings-growth ratio of 1.52 and a beta of 2.85.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were issued 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 5.74%. Kinetik’s dividend payout ratio (DPR) is currently 305.88%.

About Kinetik

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.