Bridgeway Capital Management LLC Sells 59,700 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Bridgeway Capital Management LLC decreased its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 41.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 83,000 shares of the company's stock after selling 59,700 shares during the quarter. Bridgeway Capital Management LLC owned about 0.05% of Kinetik worth $4,707,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Harbor Capital Advisors Inc. boosted 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. Comerica Bank lifted its holdings in Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after acquiring an additional 195 shares in the last quarter. GAMMA Investing LLC grew its stake in 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 acquiring an additional 213 shares during the period. Private Advisor Group LLC grew its position in shares of Kinetik by 5.3% in the 4th quarter. Private Advisor Group LLC now owns 8,859 shares of the company's stock valued at $502,000 after purchasing an additional 448 shares during the period. Finally, Fifth Third Bancorp bought a new stake in Kinetik during the 4th quarter worth approximately $26,000. Institutional investors and hedge funds own 21.11% of the company's stock.

Insiders Place Their Bets

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of Kinetik stock in a transaction that occurred 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 3.83% of the company's stock.

Analysts Set New Price Targets

KNTK has been the topic of a number of research reports. UBS Group started coverage on shares of Kinetik in a research note on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price target on the stock. US Capital Advisors raised shares of Kinetik from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. 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 report on Friday, February 28th. JPMorgan Chase & Co. boosted their price target on Kinetik from $63.00 to $65.00 and gave the company an "overweight" rating in a report on Wednesday, January 15th. Finally, 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. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $57.89.

Kinetik Stock Performance

KNTK traded up $1.32 during trading on Tuesday, reaching $44.65. 198,897 shares of the stock were exchanged, compared to its average volume of 630,686. The stock has a market cap of $7.04 billion, a P/E ratio of 16.48, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03. The stock's 50 day moving average price is $46.60 and its two-hundred day moving average price is $54.49. Kinetik Holdings Inc. has a twelve month low of $37.85 and a twelve month high of $67.60.

Kinetik (NASDAQ:KNTK - Get Free Report) last announced its quarterly 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). Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. The company had revenue of $443.26 million during the quarter, compared to analyst estimates of $466.54 million. During the same quarter last year, the company posted $0.12 EPS. The firm's quarterly revenue was up 29.8% on a year-over-year basis. Equities research analysts predict that Kinetik Holdings Inc. will post 1.96 earnings per share for the current fiscal year.

Kinetik Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Friday, April 25th were issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 6.99%. The ex-dividend date of this dividend was Friday, April 25th. Kinetik's dividend payout ratio is currently 328.42%.

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.