Cibc World Markets Corp Invests $203,000 in Kinetik Holdings Inc. (NASDAQ:KNTK)

Cibc World Markets Corp bought a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,580 shares of the company’s stock, valued at approximately $203,000.

Other large investors have also recently added to or reduced their stakes in the company. Merewether Investment Management LP lifted its holdings in shares of Kinetik by 56.6% during the 3rd quarter. Merewether Investment Management LP now owns 662,300 shares of the company’s stock worth $29,976,000 after acquiring an additional 239,500 shares during the period. Raymond James Financial Inc. purchased a new position in Kinetik during the fourth quarter worth approximately $11,241,000. Point72 Asset Management L.P. boosted its holdings in shares of Kinetik by 30.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 352,558 shares of the company’s stock valued at $15,957,000 after purchasing an additional 82,600 shares during the last quarter. PDT Partners LLC purchased a new stake in shares of Kinetik during the 3rd quarter valued at $3,297,000. Finally, Barclays PLC increased its holdings in shares of Kinetik by 34.5% during the 3rd quarter. Barclays PLC now owns 234,286 shares of the company’s stock worth $10,603,000 after buying an additional 60,058 shares during the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Kinetik

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of 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 the SEC website. 3.71% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. boosted their price target on Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 15th. The Goldman Sachs Group increased their target price on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Scotiabank reduced their price target 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. Barclays dropped their price objective on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating for the company in a research report on Thursday, March 6th. Finally, Wells Fargo & Company reduced their target price on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.63.

Kinetik Price Performance

NASDAQ:KNTK opened at $52.61 on Thursday. Kinetik Holdings Inc. has a 1-year low of $37.65 and a 1-year high of $67.60. The stock has a market cap of $8.30 billion, a P/E ratio of 19.41, a PEG ratio of 1.52 and a beta of 2.85. The firm has a 50-day moving average of $58.98 and a two-hundred day moving average of $55.30.

Kinetik Dividend Announcement

The firm also recently disclosed 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 was Monday, February 3rd. This represents a $3.12 annualized dividend and a yield of 5.93%. Kinetik’s dividend payout ratio is presently 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.