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

Bank of New York Mellon Corp cut its holdings in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 2.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Comerica Bank increased its holdings in Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after acquiring an additional 195 shares in the last quarter. Sterling Capital Management LLC boosted its position in shares of Kinetik by 789.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,094 shares of the company's stock worth $62,000 after purchasing an additional 971 shares during the period. EverSource Wealth Advisors LLC purchased a new stake in shares of Kinetik in the fourth quarter worth $67,000. Rossby Financial LCC purchased a new stake in shares of Kinetik in the first quarter worth $78,000. Finally, KBC Group NV bought a new stake in shares of Kinetik during the 1st quarter valued at $95,000. Hedge funds and other institutional investors own 21.11% of the company's stock.

Kinetik Stock Up 3.0%

Kinetik stock traded up $1.25 during mid-day trading on Friday, reaching $42.76. 1,451,383 shares of the company's stock traded hands, compared to its average volume of 1,036,170. Kinetik Holdings Inc. has a 12-month low of $37.85 and a 12-month high of $67.60. The stock has a 50 day moving average of $43.71 and a two-hundred day moving average of $50.39. The company has a market cap of $6.75 billion, a price-to-earnings ratio of 45.01 and a beta of 3.00.

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

Kinetik Dividend Announcement

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

Insider Activity at Kinetik

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

Wall Street Analysts Forecast Growth

KNTK has been the subject of several recent analyst reports. UBS Group began coverage on shares of Kinetik in a report on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 target price for the company. Mizuho decreased their target price on Kinetik from $61.00 to $57.00 and set an "outperform" rating on the stock in a research note on Tuesday. Citigroup restated a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Royal Bank Of Canada cut their price objective on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a report on Friday, May 30th. Finally, Barclays set a $43.00 target price on shares of Kinetik and gave the stock an "equal weight" rating in a report on Monday. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Kinetik has a consensus rating of "Moderate Buy" and an average price target of $55.56.

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.