Advisors Asset Management Inc. Has $13.71 Million Holdings in Kinetik Holdings Inc. $KNTK

Key Points

• Advisors Asset Management Inc. reduced its stake in Kinetik Holdings Inc. by 10.8%, holding 263,922 shares worth approximately $13.7 million after selling 31,839 shares in the first quarter.
• Kinetik Holdings recently reported a quarterly EPS of $0.33, surpassing analysts' expectations of $0.14, while its revenue increased by 18.7% year-over-year.
• The company declared a quarterly dividend of $0.78 per share, representing an annual yield of 7.7% with a payout ratio of 421.62%.

Advisors Asset Management Inc. trimmed its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 10.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 263,922 shares of the company's stock after selling 31,839 shares during the quarter. Advisors Asset Management Inc. owned 0.17% of Kinetik worth $13,708,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. PDT Partners LLC increased its holdings in Kinetik by 45.5% in the first quarter. PDT Partners LLC now owns 126,365 shares of the company's stock worth $6,563,000 after buying an additional 39,535 shares during the last quarter. Vident Advisory LLC increased its holdings in Kinetik by 26.2% in the first quarter. Vident Advisory LLC now owns 67,800 shares of the company's stock worth $3,522,000 after buying an additional 14,070 shares during the last quarter. OMERS ADMINISTRATION Corp increased its holdings in Kinetik by 329.7% in the first quarter. OMERS ADMINISTRATION Corp now owns 39,100 shares of the company's stock worth $2,031,000 after buying an additional 30,000 shares during the last quarter. Harvest Portfolios Group Inc. acquired a new position in Kinetik during the first quarter valued at approximately $6,032,000. Finally, Comerica Bank grew its holdings in Kinetik by 91.5% during the first quarter. Comerica Bank now owns 1,532 shares of the company's stock valued at $80,000 after purchasing an additional 732 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

KNTK has been the topic of several analyst reports. Barclays lowered their price target on Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a report on Monday, July 14th. Citigroup restated a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Scotiabank lowered their price objective on shares of Kinetik from $55.00 to $53.00 and set a "sector outperform" rating on the stock in a research note on Monday. Mizuho set a $53.00 price objective on shares of Kinetik and gave the stock an "outperform" rating in a research note on Friday, August 29th. Finally, Zacks Research upgraded shares of Kinetik from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 13th. 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 company presently has a consensus rating of "Moderate Buy" and an average target price of $54.67.

Kinetik Price Performance

NYSE:KNTK traded down $0.38 during trading hours on Monday, reaching $41.57. 305,230 shares of the stock were exchanged, compared to its average volume of 1,081,038. Kinetik Holdings Inc. has a twelve month low of $39.25 and a twelve month high of $67.60. The firm has a 50 day moving average of $41.86 and a 200 day moving average of $45.05. The stock has a market cap of $6.73 billion, a PE ratio of 56.18 and a beta of 3.16.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, beating 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 period in the prior year, the firm posted $0.54 earnings per share. The company's revenue was up 18.7% on a year-over-year basis.

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were paid a $0.78 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $3.12 annualized dividend and a yield of 7.5%. Kinetik's dividend payout ratio (DPR) is 421.62%.

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.