Algert Global LLC Acquires Shares of 55,920 Kinetik Holdings Inc. (NASDAQ:KNTK)

Algert Global LLC purchased a new stake in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 55,920 shares of the company's stock, valued at approximately $3,171,000.

Several other institutional investors and hedge funds have also made changes to their positions in KNTK. Barclays PLC boosted its stake in Kinetik by 34.5% in the 3rd quarter. Barclays PLC now owns 234,286 shares of the company's stock worth $10,603,000 after purchasing an additional 60,058 shares during the period. JPMorgan Chase & Co. increased its stake in Kinetik by 53.5% in the third quarter. JPMorgan Chase & Co. now owns 157,858 shares of the company's stock valued at $7,145,000 after acquiring an additional 55,050 shares during the period. GAMMA Investing LLC grew its stake in Kinetik by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company's stock worth $29,000 after buying an additional 213 shares during the last quarter. Harbor Capital Advisors Inc. lifted its position 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 worth $515,000 after purchasing an additional 174 shares in the last quarter. Finally, Diversify Advisory Services LLC bought a new position in Kinetik in the fourth quarter valued at approximately $269,000. 21.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a report on Wednesday, January 15th. Barclays boosted their price objective on shares of Kinetik from $57.00 to $58.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 16th. Wells Fargo & Company lowered 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 target price on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Finally, Scotiabank reduced their target price on shares of Kinetik from $57.00 to $54.00 and set a "sector outperform" rating for the company in a report on Monday. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $57.89.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $52.66, for a total value of $55,004,370.54. Following the sale, the insider now directly owns 657,583 shares of the company's stock, valued at approximately $34,628,320.78. This represents a 61.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 3.83% of the company's stock.

Kinetik Trading Up 4.3%

NASDAQ KNTK traded up $1.77 during trading on Monday, reaching $43.48. The company's stock had a trading volume of 451,605 shares, compared to its average volume of 630,590. The firm has a market capitalization of $6.86 billion, a price-to-earnings ratio of 16.05, 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 firm has a 50 day moving average price of $46.82 and a 200 day moving average price of $54.53.

Kinetik (NASDAQ:KNTK - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.24). The firm had revenue of $443.26 million during 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 quarterly revenue was up 29.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.12 earnings per share. On average, equities analysts forecast that Kinetik Holdings Inc. will post 1.96 EPS for the current fiscal year.

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 7.18%. The ex-dividend date of this dividend was Friday, April 25th. Kinetik's payout ratio is presently 328.42%.

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.