Rockefeller Capital Management L.P. Sells 1,219 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Rockefeller Capital Management L.P. reduced its stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK) by 2.2% in the fourth quarter, Holdings Channel reports. The firm owned 53,439 shares of the company’s stock after selling 1,219 shares during the period. Rockefeller Capital Management L.P.’s holdings in Kinetik were worth $3,031,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Harbor Capital Advisors Inc. raised its stake in shares of Kinetik by 2.0% during the fourth quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company’s stock valued at $515,000 after acquiring an additional 174 shares in the last quarter. GAMMA Investing LLC raised its position in Kinetik by 72.0% during the 4th quarter. GAMMA Investing LLC now owns 509 shares of the company’s stock valued at $29,000 after purchasing an additional 213 shares in the last quarter. Private Advisor Group LLC lifted its holdings in shares of Kinetik by 5.3% in the 4th quarter. Private Advisor Group LLC now owns 8,859 shares of the company’s stock worth $502,000 after buying an additional 448 shares during the period. Fifth Third Bancorp bought a new position in shares of Kinetik during the 4th quarter worth $26,000. Finally, Canton Hathaway LLC purchased a new position in shares of Kinetik during the fourth quarter valued at $28,000. 21.11% of the stock is currently owned by institutional investors.

Insider Activity at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock in a transaction dated 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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.71% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on KNTK. Barclays increased their target price on shares of Kinetik from $57.00 to $58.00 and gave the stock an “equal weight” rating in a report on Wednesday. Wells Fargo & Company dropped their price objective on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Friday, February 28th. Royal Bank of Canada reduced their price objective on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Scotiabank dropped their target price on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. Finally, JPMorgan Chase & Co. boosted their price target on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 15th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $59.75.

Kinetik Price Performance

Kinetik stock opened at $43.73 on Friday. The business has a fifty day moving average price of $51.99 and a 200-day moving average price of $55.25. Kinetik Holdings Inc. has a 1-year low of $37.65 and a 1-year high of $67.60. The stock has a market capitalization of $6.90 billion, a price-to-earnings ratio of 16.14, a PEG ratio of 1.52 and a beta of 2.68.

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 2nd. Stockholders of record on Friday, April 25th will be paid a dividend of $0.78 per share. The ex-dividend date of this dividend is Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.13%. Kinetik’s payout ratio is 305.88%.

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.