Advisors Capital Management LLC Cuts Holdings in Kinetik Holdings Inc. $KNTK

Key Points

• Advisors Capital Management LLC reduced its holdings in Kinetik Holdings Inc. by 4.8%, now owning 441,380 shares valued at approximately $22.9 million.
• Kinetik has announced a quarterly dividend of $0.78 per share, resulting in an annual yield of 7.4% despite a high dividend payout ratio of 421.62%.
• Analysts rate Kinetik with an average target price of $54.67, with a mix of buy and hold ratings from various firms, including a recent downgrade by Barclays.

Advisors Capital Management LLC reduced its position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 4.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 441,380 shares of the company's stock after selling 22,421 shares during the quarter. Advisors Capital Management LLC owned about 0.28% of Kinetik worth $22,925,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Zimmer Partners LP purchased a new position in Kinetik in the first quarter worth $102,124,000. Westwood Holdings Group Inc. grew its holdings in Kinetik by 4.0% in the first quarter. Westwood Holdings Group Inc. now owns 1,126,832 shares of the company's stock worth $58,528,000 after purchasing an additional 43,619 shares during the last quarter. Kayne Anderson Capital Advisors LP grew its holdings in Kinetik by 4.4% in the first quarter. Kayne Anderson Capital Advisors LP now owns 830,122 shares of the company's stock worth $43,117,000 after purchasing an additional 34,811 shares during the last quarter. Chickasaw Capital Management LLC grew its holdings in Kinetik by 0.8% in the first quarter. Chickasaw Capital Management LLC now owns 622,388 shares of the company's stock worth $32,327,000 after purchasing an additional 4,732 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in Kinetik by 34.1% in the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 590,000 shares of the company's stock worth $30,645,000 after purchasing an additional 150,000 shares during the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Kinetik Stock Performance

NYSE KNTK traded up $0.54 on Friday, reaching $43.79. 1,202,920 shares of the company's stock traded hands, compared to its average volume of 1,421,010. The firm has a market cap of $7.09 billion, a price-to-earnings ratio of 59.18 and a beta of 3.16. The stock has a 50 day moving average price of $41.74 and a 200-day moving average price of $44.60. Kinetik Holdings Inc. has a fifty-two week low of $39.25 and a fifty-two 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 (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.19. Kinetik had a net margin of 8.21% and a negative return on equity of 6.16%. The firm's revenue was up 18.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.54 earnings per share.

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 issued a $0.78 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $3.12 dividend on an annualized basis and a yield of 7.1%. Kinetik's payout ratio is presently 421.62%.

Analyst Ratings Changes

Several equities research analysts have recently commented on KNTK shares. Scotiabank reiterated an "outperform" rating on shares of Kinetik in a research note on Monday, September 8th. Zacks Research upgraded shares of Kinetik from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 13th. Royal Bank Of Canada lowered their price objective on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. Barclays lowered their price objective on shares of Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a research note on Monday, July 14th. Finally, Citigroup reiterated a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $54.67.

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.