Illinois Municipal Retirement Fund bought a new position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 11,832 shares of the company's stock, valued at approximately $615,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in Kinetik during the 1st quarter worth $647,000. Bank of New York Mellon Corp grew its stake in Kinetik by 12.5% during the 4th quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company's stock worth $27,675,000 after buying an additional 54,081 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in Kinetik during the 1st quarter worth $970,000. Jump Financial LLC grew its stake in Kinetik by 73.8% during the 4th quarter. Jump Financial LLC now owns 41,880 shares of the company's stock worth $2,375,000 after buying an additional 17,778 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Kinetik by 54.1% during the 4th quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company's stock worth $13,794,000 after buying an additional 85,378 shares during the last quarter. 21.11% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Kinetik
In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the company's stock in a transaction dated 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 sale, the insider owned 1 shares in the company, valued at $44.16. This represents a 100.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.83% of the stock is owned by insiders.
Kinetik Stock Performance
Kinetik stock opened at $43.85 on Friday. Kinetik Holdings Inc. has a fifty-two week low of $37.85 and a fifty-two week high of $67.60. The company has a market cap of $6.93 billion, a PE ratio of 46.16 and a beta of 3.00. The business's 50-day simple moving average is $43.66 and its two-hundred day simple moving average is $51.49.
Kinetik (NYSE:KNTK - Get Free Report) last issued 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). Kinetik had a negative return on equity of 8.05% and a net margin of 10.74%. The company had revenue of $443.26 million during the quarter, compared to analysts' expectations of $466.54 million. During the same quarter in the previous year, the company earned $0.12 EPS. The firm's quarterly revenue was up 29.8% compared to the same quarter last year.
Kinetik Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were paid a $0.78 dividend. The ex-dividend date was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.12%. Kinetik's payout ratio is 328.42%.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on the company. UBS Group assumed coverage on Kinetik in a research note on Tuesday, April 29th. They set a "neutral" rating and a $49.00 target price on the stock. Wall Street Zen downgraded Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. Scotiabank boosted their price target on Kinetik from $54.00 to $57.00 and gave the company a "sector outperform" rating in a research note on Thursday, June 5th. Citigroup reiterated a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Finally, Barclays set a $48.00 price target on Kinetik and gave the company an "equal weight" rating in a research note on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, Kinetik presently has an average rating of "Moderate Buy" and a consensus price target of $56.56.
Read Our Latest Analysis on Kinetik
Kinetik Company Profile
(
Free Report)
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.
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