Sequoia Financial Advisors LLC Makes New $970,000 Investment in Kinetik Holdings Inc. (NYSE:KNTK)

Sequoia Financial Advisors LLC acquired a new position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 18,670 shares of the company's stock, valued at approximately $970,000.

A number of other large investors also recently added to or reduced their stakes in KNTK. Comerica Bank increased its holdings in Kinetik by 32.2% in the fourth quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after purchasing an additional 195 shares during the last quarter. Private Advisor Group LLC grew its position in shares of 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 buying an additional 448 shares during the period. Swiss National Bank increased its stake in shares of Kinetik by 0.7% in the 4th quarter. Swiss National Bank now owns 76,300 shares of the company's stock valued at $4,327,000 after acquiring an additional 500 shares during the last quarter. Rialto Wealth Management LLC bought a new stake in shares of Kinetik in the 4th quarter valued at about $34,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Kinetik by 1.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,498 shares of the company's stock valued at $3,544,000 after acquiring an additional 738 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the firm'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 transaction, the insider directly owned 1 shares in the company, valued at $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 3.83% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Scotiabank upped their target price on shares of Kinetik from $54.00 to $57.00 and gave the company a "sector outperform" rating in a research note on Thursday, June 5th. Wall Street Zen cut shares of Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. Barclays set a $48.00 target price on Kinetik and gave the company an "equal weight" rating in a research note on Tuesday, May 20th. Mizuho dropped their price target on Kinetik from $70.00 to $61.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 20th. Finally, UBS Group initiated coverage on Kinetik in a report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price objective on the stock. One equities research 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. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $56.56.

Kinetik Stock Performance

NYSE KNTK traded down $0.78 during trading on Tuesday, hitting $43.27. The stock had a trading volume of 942,874 shares, compared to its average volume of 1,011,027. Kinetik Holdings Inc. has a 12 month low of $37.85 and a 12 month high of $67.60. The company's 50-day moving average price is $43.59 and its two-hundred day moving average price is $51.61. The company has a market capitalization of $6.83 billion, a PE ratio of 45.55 and a beta of 3.05.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). Kinetik had a net margin of 10.74% and a negative return on equity of 8.05%. The business had revenue of $443.26 million during the quarter, compared to analyst estimates of $466.54 million. During the same quarter last year, the business earned $0.12 earnings per share. Kinetik's revenue for the quarter was up 29.8% on a year-over-year basis.

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. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.21%. 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. 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.