Kinetik Holdings Inc. (NASDAQ:KNTK) Shares Purchased by Brevan Howard Capital Management LP

Brevan Howard Capital Management LP lifted its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 256.3% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 31,630 shares of the company's stock after purchasing an additional 22,753 shares during the period. Brevan Howard Capital Management LP's holdings in Kinetik were worth $1,794,000 at the end of the most recent reporting period.

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

Kinetik Price Performance

NASDAQ:KNTK traded up $1.52 during trading hours on Monday, reaching $43.23. 289,832 shares of the company traded hands, compared to its average volume of 629,927. Kinetik Holdings Inc. has a 1-year low of $37.85 and a 1-year high of $67.60. The stock has a market cap of $6.82 billion, a P/E ratio of 15.94, a P/E/G ratio of 1.52 and a beta of 3.03. The firm's 50-day moving average is $46.82 and its 200-day moving average is $54.53.

Kinetik (NASDAQ:KNTK - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share 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%. The company's revenue for the quarter was up 29.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.12 EPS. As a group, research analysts predict that Kinetik Holdings Inc. will post 1.96 earnings per share for the current year.

Kinetik Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were given a $0.78 dividend. The ex-dividend date of this dividend was Friday, April 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.22%. Kinetik's dividend payout ratio is presently 328.42%.

Insider Activity at Kinetik

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 shares were sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of the sale, the insider now owns 657,583 shares of the company's stock, valued at $34,628,320.78. This represents a 61.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.83% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wells Fargo & Company dropped their price target on Kinetik from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Friday, February 28th. US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. JPMorgan Chase & Co. increased their price target on Kinetik from $63.00 to $65.00 and gave the stock an "overweight" rating in a report on Wednesday, January 15th. Royal Bank of Canada cut their price objective on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Finally, Scotiabank lowered their target price on shares of Kinetik from $57.00 to $54.00 and set a "sector outperform" rating on the stock in a report on Monday. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $57.89.

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.