Bank of America Corp DE Sells 117,188 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Bank of America Corp DE trimmed its holdings in Kinetik Holdings Inc. (NASDAQ:KNTK - Free Report) by 32.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 239,093 shares of the company's stock after selling 117,188 shares during the quarter. Bank of America Corp DE owned 0.15% of Kinetik worth $13,559,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. BNP Paribas Financial Markets bought a new position in shares of Kinetik during the 4th quarter valued at $2,656,000. Algert Global LLC purchased a new position in shares of Kinetik in the fourth quarter worth about $3,171,000. Aristeia Capital L.L.C. bought a new stake in shares of Kinetik in the 4th quarter valued at about $239,000. Comerica Bank lifted its stake in shares of Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company's stock valued at $45,000 after acquiring an additional 195 shares during the last quarter. Finally, Voleon Capital Management LP purchased a new stake in Kinetik during the 4th quarter valued at about $1,914,000. 21.11% of the stock is currently owned by institutional investors.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $55.63, for a total value of $219,873,736.53. Following the sale, the insider now directly owns 1,044,520 shares of the company's stock, valued at $58,106,647.60. This represents a 79.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.83% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on KNTK shares. Royal Bank of Canada lowered their price objective on Kinetik from $67.00 to $63.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Citigroup raised shares of Kinetik from a "neutral" rating to a "buy" rating and dropped their price target for the company from $58.00 to $55.00 in a research report on Tuesday. UBS Group began coverage on shares of Kinetik in a research report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price objective on the stock. Scotiabank lowered their price objective on shares of Kinetik from $57.00 to $54.00 and set a "sector outperform" rating for the company in a research note on Monday, May 12th. Finally, Wells Fargo & Company dropped their target price on shares of Kinetik from $60.00 to $58.00 and set an "equal weight" rating for the company in a report on Friday, February 28th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Kinetik currently has an average rating of "Moderate Buy" and an average price target of $57.11.

Kinetik Trading Down 3.9%

Shares of NASDAQ KNTK opened at $44.42 on Thursday. The firm has a fifty day simple moving average of $45.76 and a two-hundred day simple moving average of $54.25. Kinetik Holdings Inc. has a 12 month low of $37.85 and a 12 month high of $67.60. The firm has a market capitalization of $7.01 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 1.52 and a beta of 3.03.

Kinetik (NASDAQ:KNTK - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.29 by ($0.24). Kinetik had a negative return on equity of 39.48% and a net margin of 30.25%. The company had revenue of $443.26 million during the quarter, compared to the consensus estimate of $466.54 million. During the same period in the previous year, the company earned $0.12 earnings per share. Kinetik's quarterly revenue was up 29.8% on a year-over-year basis. On average, sell-side analysts predict that Kinetik Holdings Inc. will post 1.96 earnings per share for the current year.

Kinetik Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 7.02%. The ex-dividend date was Friday, April 25th. Kinetik's dividend payout ratio is currently 328.42%.

Kinetik Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.

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