Canton Hathaway LLC Buys Shares of 490 Kinetik Holdings Inc. (NASDAQ:KNTK)

Canton Hathaway LLC bought a new stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 490 shares of the company’s stock, valued at approximately $28,000.

A number of other hedge funds have also added to or reduced their stakes in KNTK. Creative Planning grew its holdings in Kinetik by 70.4% during the 3rd 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 in the last quarter. Blue Trust Inc. boosted its position in shares of Kinetik by 244.9% during the 3rd quarter. Blue Trust Inc. now owns 3,801 shares of the company’s stock valued at $158,000 after acquiring an additional 2,699 shares during the last quarter. Raymond James & Associates boosted its position in shares of Kinetik by 74.2% during the 3rd quarter. Raymond James & Associates now owns 108,334 shares of the company’s stock valued at $4,903,000 after acquiring an additional 46,157 shares during the last quarter. Dakota Wealth Management bought a new stake in shares of Kinetik during the 3rd quarter valued at about $891,000. Finally, Inscription Capital LLC bought a new stake in shares of Kinetik during the 3rd quarter valued at about $214,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on KNTK. JPMorgan Chase & Co. lifted 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. Wells Fargo & Company lifted their price target on Kinetik from $58.00 to $60.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. The Goldman Sachs Group boosted their target price on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Scotiabank dropped their target price on Kinetik from $64.00 to $62.00 and set a “sector outperform” rating for the company in a research report on Tuesday, January 21st. Finally, Citigroup boosted their target price on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $59.25.

Kinetik Stock Performance

Shares of KNTK stock opened at $58.23 on Tuesday. The company has a market capitalization of $9.17 billion, a P/E ratio of 21.49, a PEG ratio of 1.52 and a beta of 2.89. The stock has a 50 day moving average price of $60.94 and a two-hundred day moving average price of $53.74. Kinetik Holdings Inc. has a fifty-two week low of $33.10 and a fifty-two week high of $67.60.

Kinetik Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Monday, February 3rd were paid 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 5.36%. Kinetik’s payout ratio is 115.13%.

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.