Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Bought by Balyasny Asset Management L.P.

Balyasny Asset Management L.P. lifted its stake in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 349.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 46,626 shares of the company's stock after purchasing an additional 36,250 shares during the quarter. Balyasny Asset Management L.P.'s holdings in Kinetik were worth $2,644,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp acquired a new stake in shares of Kinetik in the 4th quarter worth $26,000. Canton Hathaway LLC purchased a new stake in shares of Kinetik in the fourth quarter valued at about $28,000. GAMMA Investing LLC grew its holdings in shares of Kinetik by 72.0% in the fourth quarter. GAMMA Investing LLC now owns 509 shares of the company's stock valued at $29,000 after purchasing an additional 213 shares during the period. Rialto Wealth Management LLC acquired a new stake in Kinetik during the fourth quarter worth about $34,000. Finally, Comerica Bank raised its stake in Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after purchasing an additional 195 shares during the period. Hedge funds and other institutional investors own 21.11% of the company's stock.

Kinetik Price Performance

Shares of NASDAQ:KNTK traded up $1.59 during mid-day trading on Wednesday, reaching $46.56. 4,569,736 shares of the company were exchanged, compared to its average volume of 650,881. The firm has a market cap of $7.35 billion, a price-to-earnings ratio of 17.18, a P/E/G ratio of 1.52 and a beta of 3.03. The firm's 50-day simple moving average is $46.38 and its 200 day simple moving average is $54.37. Kinetik Holdings Inc. has a 1 year low of $37.85 and a 1 year high of $67.60.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted 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 company had revenue of $443.26 million for 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%. The business's revenue for the quarter was up 29.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.12 EPS. On average, research analysts forecast 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. Stockholders of record on Friday, April 25th were issued a $0.78 dividend. The ex-dividend date of this dividend was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.70%. Kinetik's payout ratio is 328.42%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. UBS Group assumed coverage on shares of Kinetik in a research note on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target for the company. Scotiabank dropped their price target on shares of Kinetik from $57.00 to $54.00 and set a "sector outperform" rating for the company in a research note on Monday. US Capital Advisors raised shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Royal Bank of Canada dropped their price target 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. Finally, Wells Fargo & Company dropped their price target 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, February 28th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $57.89.

Insider Activity

In related 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 shares were sold at an average price of $52.66, for a total value 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 trade represents a 61.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 3.83% of the company's stock.

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.