Cubist Systematic Strategies LLC Sells 127,873 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Cubist Systematic Strategies LLC lowered its position in shares of Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 84.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,344 shares of the company's stock after selling 127,873 shares during the quarter. Cubist Systematic Strategies LLC's holdings in Kinetik were worth $1,324,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Harbor Capital Advisors Inc. boosted its position in Kinetik by 2.0% during the 4th quarter. Harbor Capital Advisors Inc. now owns 9,088 shares of the company's stock worth $515,000 after acquiring an additional 174 shares during the last quarter. Comerica Bank boosted its position in Kinetik by 32.2% during the 4th quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after acquiring an additional 195 shares during the last quarter. GAMMA Investing LLC boosted 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 acquiring an additional 213 shares during the last quarter. Private Advisor Group LLC boosted its position in Kinetik by 5.3% during the 4th quarter. Private Advisor Group LLC now owns 8,859 shares of the company's stock worth $502,000 after acquiring an additional 448 shares during the last quarter. Finally, Fifth Third Bancorp acquired a new position in Kinetik during the 4th quarter worth approximately $26,000. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Stock Performance

KNTK traded up $0.14 during trading hours on Friday, reaching $45.34. The company's stock had a trading volume of 891,857 shares, compared to its average volume of 658,226. Kinetik Holdings Inc. has a 52 week low of $37.85 and a 52 week high of $67.60. The company's 50-day moving average is $46.19 and its 200-day moving average is $54.32. The firm has a market cap of $7.15 billion, a PE ratio of 16.73, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03.

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

Kinetik Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 6.88%. The ex-dividend date was Friday, April 25th. Kinetik's dividend payout ratio (DPR) is presently 328.42%.

Analyst Ratings Changes

KNTK has been the subject of a number of recent research reports. Wells Fargo & Company reduced their price target on Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a research report on Friday, February 28th. UBS Group assumed coverage on Kinetik in a report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price objective for the company. Scotiabank cut their price objective on Kinetik from $57.00 to $54.00 and set a "sector outperform" rating for the company in a report on Monday, May 12th. US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Finally, Barclays increased their price objective on Kinetik from $57.00 to $58.00 and gave the company an "equal weight" rating in a report on Wednesday, April 16th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Kinetik currently has a consensus rating of "Moderate Buy" and an average target price of $57.89.

Insider Activity at Kinetik

In other Kinetik 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 stock was sold at an average price of $52.66, for a total transaction of $55,004,370.54. Following the transaction, the insider now owns 657,583 shares in the company, 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 Securities & Exchange Commission, which is available at this hyperlink. 3.83% of the stock is owned by company insiders.

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.