Harvest Portfolios Group Inc. Takes $6.03 Million Position in Kinetik Holdings Inc. $KNTK

Key Points

• Harvest Portfolios Group Inc. acquired 116,131 shares of Kinetik Holdings Inc., valued at approximately $6,032,000, representing about 0.07% of the company's total shares as of their latest filing.
• In recent analyst evaluations, Kinetik holds a consensus rating of "Moderate Buy" with a target price of $55.33, and multiple analysts are updating their price targets.
• Kinetik announced a quarterly dividend of $0.78 per share, reflecting a high dividend yield of 7.7%, despite a notable dividend payout ratio of 421.62%.

Harvest Portfolios Group Inc. acquired a new position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 116,131 shares of the company's stock, valued at approximately $6,032,000. Harvest Portfolios Group Inc. owned about 0.07% of Kinetik at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Westwood Holdings Group Inc. grew its position in Kinetik by 4.0% in the 1st quarter. Westwood Holdings Group Inc. now owns 1,126,832 shares of the company's stock valued at $58,528,000 after acquiring an additional 43,619 shares in the last quarter. Kayne Anderson Capital Advisors LP grew its position in Kinetik by 4.4% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 830,122 shares of the company's stock valued at $43,117,000 after acquiring an additional 34,811 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Kinetik by 7.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 629,326 shares of the company's stock valued at $35,689,000 after acquiring an additional 43,629 shares in the last quarter. Chickasaw Capital Management LLC grew its position in Kinetik by 0.8% in the 1st quarter. Chickasaw Capital Management LLC now owns 622,388 shares of the company's stock valued at $32,327,000 after acquiring an additional 4,732 shares in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in shares of Kinetik by 34.1% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 590,000 shares of the company's stock valued at $30,645,000 after buying an additional 150,000 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Trading Up 2.1%

KNTK stock traded up $0.90 during trading on Thursday, hitting $42.79. 1,414,876 shares of the company's stock were exchanged, compared to its average volume of 1,013,602. The business has a 50-day moving average price of $41.98 and a two-hundred day moving average price of $46.08. The stock has a market capitalization of $6.93 billion, a price-to-earnings ratio of 57.82 and a beta of 3.03. Kinetik Holdings Inc. has a 52-week low of $39.25 and a 52-week high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.During the same quarter in the previous year, the business earned $0.54 earnings per share. The business's revenue for the quarter was up 18.7% compared to the same quarter last year.

Kinetik Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, July 25th were paid a $0.78 dividend. The ex-dividend date was Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.3%. Kinetik's payout ratio is currently 421.62%.

Insiders Place Their Bets

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the sale, the insider owned 1 shares in the company, valued at approximately $44.16. The trade was a 100.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.83% of the company's stock.

Wall Street Analysts Forecast Growth

KNTK has been the subject of several recent research reports. Mizuho decreased their price objective on Kinetik from $61.00 to $57.00 and set an "outperform" rating for the company in a research note on Tuesday, July 15th. Royal Bank Of Canada decreased their price objective on Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. Scotiabank reiterated an "outperform" rating and issued a $55.00 price objective on shares of Kinetik in a research note on Thursday, August 14th. Wall Street Zen cut Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. Finally, Citigroup reiterated a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $55.33.

About Kinetik

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.