Numerai GP LLC Makes New Investment in Kinetik Holdings Inc. (NASDAQ:KNTK)

Numerai GP LLC acquired a new stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 6,997 shares of the company's stock, valued at approximately $397,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pictet Asset Management Holding SA lifted its stake in shares of Kinetik by 8,475.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company's stock worth $24,442,000 after purchasing an additional 425,977 shares during the period. Prudential Financial Inc. increased its position in Kinetik by 391.1% during the 4th quarter. Prudential Financial Inc. now owns 392,343 shares of the company's stock worth $22,250,000 after purchasing an additional 312,458 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Kinetik in the 4th quarter valued at $11,241,000. Deutsche Bank AG lifted its stake in shares of Kinetik by 106.8% during the fourth quarter. Deutsche Bank AG now owns 279,279 shares of the company's stock worth $15,838,000 after purchasing an additional 144,226 shares in the last quarter. Finally, Bornite Capital Management LP lifted its position in Kinetik by 25.1% during the 4th quarter. Bornite Capital Management LP now owns 438,000 shares of the company's stock worth $24,839,000 after acquiring an additional 88,000 shares in the last quarter. Hedge funds and other institutional investors own 21.11% of the company's stock.

Kinetik Stock Down 2.5%

NASDAQ:KNTK traded down $1.17 during trading hours on Wednesday, reaching $45.03. 191,312 shares of the company's stock were exchanged, compared to its average volume of 662,899. The company has a market capitalization of $7.10 billion, a P/E ratio of 16.63, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03. Kinetik Holdings Inc. has a 12 month low of $37.85 and a 12 month high of $67.60. The business's 50-day simple moving average is $45.94 and its two-hundred day simple moving average is $54.32.

Kinetik (NASDAQ:KNTK - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). The company had revenue of $443.26 million for the quarter, compared to analyst estimates of $466.54 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. Kinetik's revenue was up 29.8% on a year-over-year basis. During the same quarter last year, the company posted $0.12 EPS. As a group, sell-side analysts anticipate that Kinetik Holdings Inc. will post 1.96 earnings per share for the current fiscal year.

Kinetik Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 6.93%. The ex-dividend date of this dividend was Friday, April 25th. Kinetik's dividend payout ratio is presently 328.42%.

Analyst Ratings Changes

Several brokerages have recently weighed in on KNTK. Mizuho lowered their target price on Kinetik from $70.00 to $61.00 and set an "outperform" rating for the company in a research note on Tuesday. Wells Fargo & Company dropped their target price on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a report on Friday, February 28th. Royal Bank of Canada cut their price target on Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. UBS Group began coverage on shares of Kinetik in a research note on Tuesday, April 29th. They set a "neutral" rating and a $49.00 target price for the company. Finally, Barclays decreased their price target on Kinetik from $58.00 to $48.00 and set an "equal weight" rating for the company in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, Kinetik presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.11.

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 transaction, the insider now owns 657,583 shares of the company's stock, valued at $34,628,320.78. The trade was a 61.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.83% of the stock is owned by 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.