Advisors Capital Management LLC Has $22.93 Million Stake 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 lessened its stake in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 4.8% in the first quarter, according to the company in its most recent filing with the SEC. 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 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Illinois Municipal Retirement Fund bought a new position in Kinetik during the first quarter worth about $615,000. Catalyst Capital Advisors LLC increased its position in Kinetik by 10.2% during the first quarter. Catalyst Capital Advisors LLC now owns 270,487 shares of the company's stock worth $14,049,000 after acquiring an additional 24,933 shares during the period. Sequoia Financial Advisors LLC bought a new position in Kinetik during the first quarter worth about $970,000. Russell Investments Group Ltd. increased its position in Kinetik by 14.3% during the first quarter. Russell Investments Group Ltd. now owns 50,309 shares of the company's stock worth $2,613,000 after acquiring an additional 6,292 shares during the period. Finally, SG Americas Securities LLC bought a new position in Kinetik during the first quarter worth about $647,000. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Stock Performance

Shares of Kinetik stock traded up $0.12 during midday trading on Tuesday, hitting $42.63. 144,896 shares of the company traded hands, compared to its average volume of 1,081,382. The stock has a market cap of $6.90 billion, a price-to-earnings ratio of 57.61 and a beta of 3.16. The firm's fifty day moving average price is $41.73 and its 200-day moving average price is $44.41. Kinetik Holdings Inc. has a 12 month low of $39.25 and a 12 month high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate 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 last year, the firm posted $0.54 EPS.

Kinetik Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were given a dividend of $0.78 per share. The ex-dividend date was Friday, July 25th. This represents a $3.12 annualized dividend and a yield of 7.3%. Kinetik's dividend payout ratio (DPR) is currently 421.62%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Scotiabank reaffirmed an "outperform" rating on shares of Kinetik in a research report on Monday, September 8th. Barclays lowered their price target on shares of Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a research report on Monday, July 14th. Mizuho set a $53.00 price target on shares of Kinetik and gave the stock an "outperform" rating in a research report on Friday, August 29th. Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. Finally, Citigroup reissued a "buy" rating on shares of Kinetik in a report 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 data from MarketBeat.com, Kinetik has an average rating of "Moderate Buy" and a consensus price target of $54.67.

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.