Kinetik Holdings Inc. $KNTK Shares Bought by AlphaQuest LLC

Key Points

• AlphaQuest LLC significantly increased its stake in Kinetik Holdings, purchasing an additional 13,586 shares during the first quarter, resulting in a total of 13,698 shares valued at approximately $711,000.
• Major shareholder Isq Global Fund II GP LLC sold a substantial amount of Kinetik stock, offloading 4.26 million shares for over $188 million, effectively reducing their holdings to just 1 share.
• Kinetik Holdings has received mixed ratings from analysts, with a recent upgrade from Zacks Research to a "hold" rating, while Wall Street Zen downgraded it to a "sell"; the average target price for the stock is currently $55.33.

AlphaQuest LLC increased its stake in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 12,130.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,698 shares of the company's stock after acquiring an additional 13,586 shares during the quarter. AlphaQuest LLC's holdings in Kinetik were worth $711,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of KNTK. Westwood Holdings Group Inc. raised its stake in Kinetik by 78.3% during the 4th quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company's stock worth $61,429,000 after acquiring an additional 475,606 shares in the last quarter. HITE Hedge Asset Management LLC acquired a new stake in Kinetik during the 1st quarter worth $18,608,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in Kinetik by 34.1% during the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 590,000 shares of the company's stock worth $30,645,000 after acquiring an additional 150,000 shares in the last quarter. Deutsche Bank AG grew its position in Kinetik by 106.8% during the 4th quarter. Deutsche Bank AG now owns 279,279 shares of the company's stock worth $15,838,000 after purchasing an additional 144,226 shares during the last quarter. Finally, Eagle Global Advisors LLC purchased a new position in Kinetik during the 1st quarter worth $6,889,000. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Stock Up 2.1%

Shares of NYSE KNTK traded up $0.90 during midday trading on Thursday, hitting $42.79. The company had a trading volume of 1,414,876 shares, compared to its average volume of 1,035,125. Kinetik Holdings Inc. has a twelve month low of $39.25 and a twelve month high of $67.60. The business has a 50-day simple moving average of $41.98 and a two-hundred day simple moving average of $46.22. The firm has a market capitalization of $6.93 billion, a price-to-earnings ratio of 57.82 and a beta of 3.03.

Kinetik (NYSE:KNTK - Get Free Report) last announced 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 net margin of 8.21% and a negative return on equity of 6.16%. During the same period in the previous year, the business earned $0.54 earnings per share. Kinetik's revenue for the quarter was up 18.7% compared to the same quarter last year.

Kinetik Announces Dividend

The business 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 was Friday, July 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.3%. Kinetik's dividend payout ratio (DPR) is 421.62%.

Insider Activity at Kinetik

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the sale, the insider owned 1 shares in the company, valued at $44.16. This trade represents a 100.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.83% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Citigroup reissued a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. Mizuho lowered their price objective on shares of Kinetik from $61.00 to $57.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 15th. Royal Bank Of Canada lowered their price objective on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a research report 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 on the stock in a research report on Monday, July 14th. Finally, Scotiabank reissued an "outperform" rating and set a $55.00 price objective on shares of Kinetik in a research report on Thursday, August 14th. Six research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Kinetik presently has an average rating of "Moderate Buy" and an average price target of $55.33.

Kinetik Company 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.