BNP Paribas Financial Markets acquired a new stake in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 46,831 shares of the company's stock, valued at approximately $2,656,000.
Other institutional investors also recently modified their holdings of the company. Barclays PLC increased its holdings in Kinetik by 34.5% during the third quarter. Barclays PLC now owns 234,286 shares of the company's stock valued at $10,603,000 after buying an additional 60,058 shares during the last quarter. Diversify Advisory Services LLC bought a new stake in Kinetik during the fourth quarter valued at about $269,000. Ballentine Partners LLC bought a new stake in Kinetik during the fourth quarter valued at about $212,000. Janney Montgomery Scott LLC grew its stake in shares of Kinetik by 69.2% during the 4th quarter. Janney Montgomery Scott LLC now owns 132,977 shares of the company's stock valued at $7,541,000 after acquiring an additional 54,370 shares during the period. Finally, Exchange Traded Concepts LLC raised its stake in Kinetik by 0.9% during the 4th quarter. Exchange Traded Concepts LLC now owns 81,230 shares of the company's stock worth $4,607,000 after acquiring an additional 739 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.
Kinetik Trading Down 1.0%
Shares of KNTK stock traded down $0.46 on Thursday, reaching $43.90. The company's stock had a trading volume of 103,950 shares, compared to its average volume of 664,680. Kinetik Holdings Inc. has a 1 year low of $37.85 and a 1 year high of $67.60. The company has a market capitalization of $6.93 billion, a price-to-earnings ratio of 16.18, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03. The stock's fifty day simple moving average is $45.76 and its 200-day simple moving average is $54.25.
Kinetik (NASDAQ:KNTK - Get Free Report) last announced its earnings results 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 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 for the quarter was up 29.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.12 EPS. Equities research analysts forecast that Kinetik Holdings Inc. will post 1.96 earnings per share for the current year.
Kinetik Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were issued a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, April 25th. This represents a $3.12 annualized dividend and a yield of 7.11%. Kinetik's payout ratio is 328.42%.
Insider Buying and Selling
In related news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the business's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the completion of the transaction, the insider now owns 1,044,520 shares in the company, valued at $58,106,647.60. The trade was a 79.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.83% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on the stock. Scotiabank reduced their price objective 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, May 12th. Citigroup upgraded Kinetik from a "neutral" rating to a "buy" rating and cut their price target for the stock from $58.00 to $55.00 in a research note on Tuesday. Barclays lowered their price objective on Kinetik from $58.00 to $48.00 and set an "equal weight" rating on the stock in a research report on Tuesday. Royal Bank of Canada decreased their target price on Kinetik from $67.00 to $63.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Finally, US Capital Advisors raised shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $57.11.
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About Kinetik
(
Free Report)
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.
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