Gould Capital LLC Makes New Investment in Kinetik Holdings Inc. (NYSE:KNTK)

Gould Capital LLC acquired a new position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 45,994 shares of the company's stock, valued at approximately $2,608,000. Kinetik comprises about 1.8% of Gould Capital LLC's holdings, making the stock its 23rd largest holding.

Several other large investors have also recently made changes to their positions in KNTK. Westwood Holdings Group Inc. grew its holdings in shares of Kinetik by 78.3% in the fourth quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company's stock valued at $61,429,000 after purchasing an additional 475,606 shares during the period. Pictet Asset Management Holding SA boosted its stake in shares of Kinetik by 8,475.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 431,003 shares of the company's stock valued at $24,442,000 after purchasing an additional 425,977 shares during the period. Prudential Financial Inc. boosted its stake in shares of Kinetik by 391.1% in the fourth quarter. Prudential Financial Inc. now owns 392,343 shares of the company's stock valued at $22,250,000 after purchasing an additional 312,458 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Kinetik in the fourth quarter valued at approximately $11,241,000. Finally, Deutsche Bank AG boosted its stake in shares of Kinetik by 106.8% in the fourth quarter. Deutsche Bank AG now owns 279,279 shares of the company's stock valued at $15,838,000 after purchasing an additional 144,226 shares during the period. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

KNTK has been the subject of several analyst reports. Barclays set a $48.00 price target on shares of Kinetik and gave the stock an "equal weight" rating in a report on Tuesday, May 20th. Wells Fargo & Company reduced their price target on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a research report on Friday, February 28th. Royal Bank of Canada reduced their price target on shares of Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. UBS Group assumed coverage on shares of Kinetik in a research report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price objective for the company. Finally, Scotiabank cut their price target on shares of Kinetik from $57.00 to $54.00 and set a "sector outperform" rating for the company in a report on Monday, May 12th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, Kinetik currently has a consensus rating of "Moderate Buy" and a consensus target price of $57.11.

Kinetik Price Performance

Kinetik stock traded down $0.71 during trading hours on Wednesday, hitting $45.55. The stock had a trading volume of 760,723 shares, compared to its average volume of 926,644. The stock has a market capitalization of $7.19 billion, a price-to-earnings ratio of 47.95 and a beta of 3.03. Kinetik Holdings Inc. has a 1-year low of $37.85 and a 1-year high of $67.60. The stock's fifty day moving average is $44.92 and its two-hundred day moving average is $53.98.

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

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders 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 6.85%. The ex-dividend date of this dividend was Friday, April 25th. Kinetik's payout ratio is 328.42%.

Insiders Place Their Bets

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was 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 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 document filed with the SEC, which is available through this hyperlink. 3.83% of the stock is owned by corporate insiders.

Kinetik Profile

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.