Bank of New York Mellon Corp Purchases Shares of 979,946 Kodiak Gas Services, Inc. $KGS

Key Points

• Bank of New York Mellon purchased 979,946 shares of Kodiak Gas Services worth approximately $73.6 million, giving it a 1.10% stake. Institutional investors and hedge funds collectively own 24.95% of the company.
• Kodiak reported quarterly revenue of $391.1 million, up 21.2% year over year and above expectations, but earnings per share of $0.55 missed estimates of $0.67. The company announced a $0.49 quarterly dividend, representing a 3.3% yield.
• Analyst sentiment remains positive, with ten Buy ratings and two Holds and a consensus price target of $78.89, compared with the stock’s reported price of $58.95. However, company insiders sold 19,531 shares worth about $1.3 million over the past 90 days.

Bank of New York Mellon Corp purchased a new position in Kodiak Gas Services, Inc. (NYSE:KGS - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 979,946 shares of the company's stock, valued at approximately $73,623,000. Bank of New York Mellon Corp owned approximately 1.10% of Kodiak Gas Services as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. State of Wyoming acquired a new position in Kodiak Gas Services during the 2nd quarter valued at approximately $537,000. GSA Capital Partners LLP acquired a new stake in shares of Kodiak Gas Services during the second quarter worth $657,000. GAMMA Investing LLC lifted its stake in shares of Kodiak Gas Services by 20.8% during the second quarter. GAMMA Investing LLC now owns 2,646 shares of the company's stock worth $199,000 after buying an additional 456 shares during the period. Harbor Investment Advisory LLC purchased a new stake in shares of Kodiak Gas Services during the second quarter valued at $76,000. Finally, Hilltop National Bank purchased a new stake in shares of Kodiak Gas Services during the second quarter valued at $102,000. Institutional investors and hedge funds own 24.95% of the company's stock.

Insider Activity

In related news, insider Pedro R. Buhigas sold 4,625 shares of Kodiak Gas Services stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $67.78, for a total transaction of $313,482.50. Following the completion of the transaction, the insider directly owned 38,454 shares in the company, valued at approximately $2,606,412.12. This trade represents a 10.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Ewan William Hamilton sold 2,729 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $68.62, for a total value of $187,263.98. Following the completion of the transaction, the chief accounting officer directly owned 31,617 shares of the company's stock, valued at $2,169,558.54. The trade was a 7.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 19,531 shares of company stock valued at $1,296,158 over the last 90 days. Company insiders own 0.64% of the company's stock.

Kodiak Gas Services Price Performance

NYSE:KGS opened at $58.95 on Wednesday. The firm's fifty day moving average is $64.81 and its two-hundred day moving average is $62.83. The firm has a market cap of $5.96 billion, a price-to-earnings ratio of 70.18, a PEG ratio of 0.86 and a beta of 0.97. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.15 and a current ratio of 1.45. Kodiak Gas Services, Inc. has a one year low of $32.55 and a one year high of $77.68.

Kodiak Gas Services (NYSE:KGS - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.55 earnings per share for the quarter, missing analysts' consensus estimates of $0.67 by ($0.12). The company had revenue of $391.12 million for the quarter, compared to analysts' expectations of $386.30 million. Kodiak Gas Services had a net margin of 5.77% and a return on equity of 11.92%. The business's quarterly revenue was up 21.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.43 EPS. Research analysts expect that Kodiak Gas Services, Inc. will post 2.46 EPS for the current year.

Kodiak Gas Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Monday, August 17th will be issued a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Monday, August 17th. Kodiak Gas Services's dividend payout ratio (DPR) is 233.33%.

Analysts Set New Price Targets

KGS has been the subject of a number of research analyst reports. Piper Sandler started coverage on Kodiak Gas Services in a research note on Tuesday, July 28th. They issued an "overweight" rating and a $78.00 target price for the company. Jefferies Financial Group dropped their price target on Kodiak Gas Services from $79.00 to $69.00 and set a "buy" rating on the stock in a research note on Monday, August 10th. Citigroup boosted their price target on Kodiak Gas Services from $63.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday, May 13th. Royal Bank Of Canada increased their price objective on Kodiak Gas Services from $84.00 to $88.00 and gave the company an "outperform" rating in a report on Thursday, August 13th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Kodiak Gas Services in a research note on Friday, May 29th. Ten research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Kodiak Gas Services has an average rating of "Moderate Buy" and a consensus target price of $78.89.

Kodiak Gas Services Profile

Kodiak Gas Services, Inc operates contract compression infrastructure for customers in the oil and gas industry in the United States. It operates in two segments, Compression Operations and Other Services. The Compression Operations segment operates company-owned and customer-owned compression infrastructure to enable the production, gathering, and transportation of natural gas and oil. The Other Services segment provides a range of contract services, including station construction, maintenance and overhaul, and other ancillary time and material-based offerings.

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