Corigliano Investment Advisers LLC Takes $491,000 Position in Kinetik Holdings Inc. (NASDAQ:KNTK)

Corigliano Investment Advisers LLC acquired a new position in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 8,657 shares of the company's stock, valued at approximately $491,000. Kinetik accounts for 0.2% of Corigliano Investment Advisers LLC's holdings, making the stock its 29th largest position.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Pictet Asset Management Holding SA raised its position in Kinetik by 8,475.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company's stock valued at $24,442,000 after purchasing an additional 425,977 shares during the last quarter. Prudential Financial Inc. lifted its stake in Kinetik by 391.1% in the fourth quarter. Prudential Financial Inc. now owns 392,343 shares of the company's stock worth $22,250,000 after acquiring an additional 312,458 shares during the period. Raymond James Financial Inc. purchased a new stake in Kinetik in the fourth quarter worth $11,241,000. Bornite Capital Management LP boosted its holdings in Kinetik by 25.1% in the fourth quarter. Bornite Capital Management LP now owns 438,000 shares of the company's stock valued at $24,839,000 after acquiring an additional 88,000 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Kinetik by 54.1% in the 4th quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company's stock worth $13,794,000 after purchasing an additional 85,378 shares in the last quarter. Institutional investors own 21.11% of the company's stock.

Insiders Place Their Bets

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the 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 transaction, the insider now directly owns 657,583 shares of the company's stock, valued at $34,628,320.78. This represents a 61.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.83% of the stock is owned by insiders.

Kinetik Trading Down 1.4 %

NASDAQ:KNTK traded down $0.58 on Friday, reaching $41.79. 818,941 shares of the stock traded hands, compared to its average volume of 631,249. The company has a market capitalization of $6.59 billion, a price-to-earnings ratio of 15.42, a PEG 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 company's fifty day simple moving average is $46.82 and its 200 day simple moving average is $54.51.

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

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were issued a $0.78 dividend. The ex-dividend date was Friday, April 25th. This represents a $3.12 annualized dividend and a yield of 7.47%. Kinetik's payout ratio is 328.42%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on KNTK shares. US Capital Advisors upgraded shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. Barclays upped their target price on Kinetik from $57.00 to $58.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 16th. Wells Fargo & Company lowered their target price on Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a research note on Friday, February 28th. Royal Bank of Canada decreased their price objective on Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Finally, Scotiabank dropped their target price on shares of Kinetik from $62.00 to $60.00 and set a "sector outperform" rating on the stock in a report on Thursday, March 6th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Kinetik presently has an average rating of "Moderate Buy" and a consensus target price of $58.56.

About Kinetik

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.