Bank of New York Mellon Corp Reduces Holdings in Kinetik Holdings Inc. (NYSE:KNTK)

Bank of New York Mellon Corp decreased its position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 2.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 476,819 shares of the company's stock after selling 11,192 shares during the period. Bank of New York Mellon Corp owned 0.30% of Kinetik worth $24,766,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. Comerica Bank grew its position in Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after buying an additional 195 shares in the last quarter. Sterling Capital Management LLC grew its position in Kinetik by 789.4% during the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock worth $62,000 after buying an additional 971 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new stake in Kinetik during the fourth quarter valued at approximately $67,000. Rossby Financial LCC acquired a new stake in Kinetik during the first quarter valued at approximately $78,000. Finally, KBC Group NV acquired a new stake in Kinetik during the first quarter valued at approximately $95,000. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Stock Up 3.0%

Shares of KNTK stock traded up $1.25 during trading hours on Friday, hitting $42.76. 1,451,383 shares of the company's stock traded hands, compared to its average volume of 1,289,530. The stock's 50 day simple moving average is $43.73 and its 200 day simple moving average is $50.30. The stock has a market cap of $6.75 billion, a PE ratio of 45.01 and a beta of 3.00. Kinetik Holdings Inc. has a 12 month low of $37.85 and a 12 month high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.24). The company had revenue of $443.26 million during the quarter, compared to the consensus estimate of $466.54 million. Kinetik had a net margin of 10.74% and a negative return on equity of 8.05%. The company's revenue for the quarter was up 29.8% on a year-over-year basis. During the same period last year, the firm posted $0.12 earnings per share.

Kinetik Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, July 25th will be paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 7.30%. The ex-dividend date is Friday, July 25th. Kinetik's payout ratio is 328.42%.

Insiders Place Their Bets

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $44.16, for a total transaction of $188,213,894.40. Following the sale, the insider directly owned 1 shares in the company, valued at approximately $44.16. This represents a 100.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.83% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on KNTK shares. Wall Street Zen downgraded Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. US Capital Advisors raised Kinetik from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Citigroup restated a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. Barclays set a $43.00 price objective on shares of Kinetik and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Finally, Royal Bank Of Canada dropped their price objective on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $55.56.

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.