ExodusPoint Capital Management LP Sells 278,083 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

ExodusPoint Capital Management LP lessened its holdings in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 83.5% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 54,886 shares of the company’s stock after selling 278,083 shares during the period. ExodusPoint Capital Management LP’s holdings in Kinetik were worth $3,113,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in KNTK. Cinctive Capital Management LP bought a new stake in Kinetik during the 4th quarter worth about $930,000. Trexquant Investment LP grew its stake in shares of Kinetik by 97.0% during the fourth quarter. Trexquant Investment LP now owns 104,598 shares of the company’s stock valued at $5,932,000 after purchasing an additional 51,505 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Kinetik in the fourth quarter valued at approximately $634,000. Maridea Wealth Management LLC acquired a new stake in shares of Kinetik in the fourth quarter valued at approximately $537,000. Finally, Orion Portfolio Solutions LLC bought a new position in Kinetik in the 4th quarter worth approximately $917,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Price Performance

Kinetik stock opened at $43.50 on Tuesday. The firm has a market capitalization of $6.86 billion, a price-to-earnings ratio of 16.05, a PEG ratio of 1.52 and a beta of 2.68. The company’s 50 day simple moving average is $56.52 and its 200 day simple moving average is $55.66. Kinetik Holdings Inc. has a fifty-two week low of $37.65 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. Stockholders of record on Monday, February 3rd were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 7.17%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik’s dividend payout ratio (DPR) is 305.88%.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total value of $219,873,736.53. Following the completion of the transaction, the insider now directly owns 1,044,520 shares in the company, valued at approximately $58,106,647.60. The trade was a 79.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.71% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on KNTK. The Goldman Sachs Group lifted their target price on Kinetik from $46.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Wells Fargo & Company dropped their price objective on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Citigroup raised their target price on shares of Kinetik from $54.00 to $58.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Barclays dropped their price target on shares of Kinetik from $61.00 to $57.00 and set an “equal weight” rating for the company in a research note on Thursday, March 6th. Finally, Scotiabank reduced their price objective on shares of Kinetik from $62.00 to $60.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Kinetik currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.63.

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.