Commonwealth Equity Services LLC Sells 4,346 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Commonwealth Equity Services LLC trimmed its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 9.5% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 41,474 shares of the company’s stock after selling 4,346 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Kinetik were worth $2,352,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of KNTK. Fifth Third Bancorp bought a new position in Kinetik during the fourth quarter worth $26,000. Canton Hathaway LLC acquired a new position in shares of Kinetik during the fourth quarter valued at about $28,000. GAMMA Investing LLC boosted its position 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 purchasing an additional 213 shares in the last quarter. Rialto Wealth Management LLC acquired a new stake in shares of Kinetik in the 4th quarter valued at about $34,000. Finally, EverSource Wealth Advisors LLC bought a new stake in Kinetik in the 4th quarter valued at about $67,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Stock Performance

Shares of KNTK stock opened at $52.61 on Thursday. The company has a market capitalization of $8.30 billion, a price-to-earnings ratio of 19.41, a PEG ratio of 1.52 and a beta of 2.85. Kinetik Holdings Inc. has a 52-week low of $37.65 and a 52-week high of $67.60. The company has a 50-day simple moving average of $58.98 and a two-hundred day simple moving average of $55.30.

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Investors 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 dividend on an annualized basis and a yield of 5.93%. Kinetik’s dividend payout ratio (DPR) is currently 305.88%.

Wall Street Analyst Weigh In

KNTK has been the topic of several recent research reports. Royal Bank of Canada cut their price target on Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Scotiabank decreased their price target on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. Barclays lowered their price objective on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating on the stock in a report on Thursday, March 6th. JPMorgan Chase & Co. lifted their price objective on shares of Kinetik from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, January 15th. Finally, The Goldman Sachs Group upped their target price on shares of Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Kinetik has an average rating of “Moderate Buy” and a consensus target price of $59.63.

Insider Buying and Selling

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the completion of the transaction, the insider now owns 657,583 shares in the company, valued at approximately $34,628,320.78. This represents a 61.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.71% of the stock is currently owned by corporate insiders.

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.