Los Angeles Capital Management LLC Buys Shares of 13,677 Kinetik Holdings Inc. (NASDAQ:KNTK)

Los Angeles Capital Management LLC bought a new position in Kinetik Holdings Inc. (NASDAQ:KNTK) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 13,677 shares of the company’s stock, valued at approximately $776,000.

Other hedge funds have also modified their holdings of the company. Janney Montgomery Scott LLC bought a new position in shares of Kinetik during the 3rd quarter worth approximately $3,558,000. Harbor Capital Advisors Inc. boosted its stake in Kinetik by 132.1% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 8,914 shares of the company’s stock worth $403,000 after purchasing an additional 5,073 shares in the last quarter. Van ECK Associates Corp grew its position in Kinetik by 73.4% during the 3rd quarter. Van ECK Associates Corp now owns 24,527 shares of the company’s stock worth $1,110,000 after purchasing an additional 10,384 shares during the last quarter. Catalyst Capital Advisors LLC increased its stake in Kinetik by 3.2% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 245,554 shares of the company’s stock valued at $11,114,000 after purchasing an additional 7,552 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new position in Kinetik during the 3rd quarter valued at approximately $921,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

Kinetik Stock Performance

KNTK stock opened at $58.39 on Monday. The firm’s fifty day moving average is $61.07 and its 200 day moving average is $54.20. The firm has a market cap of $9.20 billion, a PE ratio of 21.55, a P/E/G ratio of 1.52 and a beta of 2.89. Kinetik Holdings Inc. has a one year low of $33.76 and a one year high of $67.60.

Kinetik Dividend Announcement

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 $0.78 dividend. The ex-dividend date was Monday, February 3rd. This represents a $3.12 dividend on an annualized basis and a yield of 5.34%. Kinetik’s payout ratio is 305.88%.

Analyst Ratings Changes

KNTK has been the subject of several research reports. Wells Fargo & Company lowered their price objective on shares of Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Friday. Scotiabank dropped their target price on Kinetik from $64.00 to $62.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, January 21st. Citigroup raised their price target on shares of Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Barclays upped their price objective on shares of Kinetik from $47.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. Finally, JPMorgan Chase & Co. raised their target price on shares of Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 15th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Kinetik has an average rating of “Moderate Buy” and a consensus price target of $59.00.

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.