Barnett & Company Inc. Has $546,000 Holdings in Kinetik Holdings Inc. (NYSE:KNTK)

Key Points

• Barnett & Company Inc. reduced its holdings in Kinetik Holdings Inc. by 92.2%, owning 10,510 shares worth $546,000 after selling 124,343 shares in Q1.
• Kinetik reported an earnings per share (EPS) of $0.33 for the last quarter, surpassing the consensus estimate of $0.14, despite a net margin of 8.21% and negative return on equity.
• The company declared a quarterly dividend of $0.78 per share, translating to an annualized yield of 7.6%, though its payout ratio stands at a high 421.62%.

Barnett & Company Inc. cut its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 92.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,510 shares of the company's stock after selling 124,343 shares during the period. Barnett & Company Inc.'s holdings in Kinetik were worth $546,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Westwood Holdings Group Inc. raised its stake in shares of Kinetik by 78.3% in the 4th quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company's stock valued at $61,429,000 after buying an additional 475,606 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in shares of Kinetik by 34.1% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 590,000 shares of the company's stock valued at $30,645,000 after buying an additional 150,000 shares in the last quarter. Deutsche Bank AG raised its stake in shares of Kinetik by 106.8% in the 4th quarter. Deutsche Bank AG now owns 279,279 shares of the company's stock valued at $15,838,000 after buying an additional 144,226 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Kinetik by 204.4% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 167,035 shares of the company's stock valued at $8,676,000 after buying an additional 112,157 shares in the last quarter. Finally, Burkehill Global Management LP acquired a new position in shares of Kinetik in the 1st quarter valued at $5,194,000. 21.11% of the stock is owned by institutional investors.

Kinetik Trading Up 0.8%

Shares of Kinetik stock traded up $0.31 during mid-day trading on Tuesday, reaching $41.01. 38,970 shares of the stock were exchanged, compared to its average volume of 1,034,380. The company has a market cap of $6.48 billion, a price-to-earnings ratio of 55.42 and a beta of 3.03. The firm has a 50-day simple moving average of $42.77 and a 200 day simple moving average of $47.90. Kinetik Holdings Inc. has a fifty-two week low of $39.33 and a fifty-two week high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.19. Kinetik had a net margin of 8.21% and a negative return on equity of 5.62%. The firm's quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.54 earnings per share.

Kinetik Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, July 25th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 7.6%. The ex-dividend date was Friday, July 25th. Kinetik's dividend payout ratio (DPR) is presently 421.62%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on KNTK shares. Scotiabank increased their price objective on shares of Kinetik from $54.00 to $57.00 and gave the company a "sector outperform" rating in a research note on Thursday, June 5th. Citigroup restated a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. UBS Group started coverage on shares of Kinetik in a research note on Tuesday, April 29th. They issued a "neutral" rating and a $49.00 price objective for the company. 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 note on Friday, May 30th. Finally, Wall Street Zen cut shares of Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $55.56.

Insiders Place Their Bets

In other Kinetik 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 approximately $44.16. This trade represents a 100.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 3.83% of the company's stock.

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.