Renaissance Technologies LLC Lowers Stock Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Renaissance Technologies LLC trimmed its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK) by 9.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 654,262 shares of the company’s stock after selling 64,900 shares during the quarter. Renaissance Technologies LLC’s holdings in Kinetik were worth $37,103,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of KNTK. Janus Henderson Group PLC raised its stake in Kinetik by 21.4% during the 3rd quarter. Janus Henderson Group PLC now owns 50,360 shares of the company’s stock valued at $2,279,000 after acquiring an additional 8,863 shares during the last quarter. Stifel Financial Corp acquired a new position in shares of Kinetik in the third quarter valued at approximately $202,000. Barclays PLC increased its holdings in shares of Kinetik by 34.5% in the third quarter. Barclays PLC now owns 234,286 shares of the company’s stock valued at $10,603,000 after purchasing an additional 60,058 shares during the period. Geode Capital Management LLC raised its stake in shares of Kinetik by 1.6% during the third quarter. Geode Capital Management LLC now owns 877,887 shares of the company’s stock worth $39,742,000 after purchasing an additional 13,644 shares during the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in shares of Kinetik during the third quarter worth $921,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Kinetik Price Performance

Shares of NASDAQ:KNTK opened at $42.26 on Friday. Kinetik Holdings Inc. has a 12 month low of $37.65 and a 12 month high of $67.60. The firm has a market capitalization of $6.67 billion, a price-to-earnings ratio of 15.59, a price-to-earnings-growth ratio of 1.52 and a beta of 2.68. The business’s 50 day simple moving average is $53.98 and its 200-day simple moving average is $55.38.

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 7.38%. The ex-dividend date was Monday, February 3rd. Kinetik’s dividend payout ratio (DPR) is 305.88%.

Analyst Upgrades and Downgrades

KNTK has been the topic of several recent research reports. The Goldman Sachs Group boosted their price objective on shares of Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Barclays cut their price target on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating for the company in a report on Thursday, March 6th. JPMorgan Chase & Co. boosted their target price on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 15th. Wells Fargo & Company reduced their price target on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Finally, Citigroup upped their price objective on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Kinetik presently has an average rating of “Moderate Buy” and an average price target of $59.63.

Insider Buying and Selling at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was 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 of the company’s stock, valued at approximately $34,628,320.78. This trade represents a 61.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 3.71% of the stock is owned by corporate insiders.

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.