Bornite Capital Management LP Has $909,000 Stock Holdings in Kinetik Holdings Inc. (NYSE:KNTK)

Key Points

• Bornite Capital Management LP significantly reduced its stake in Kinetik Holdings Inc. by 96.0%, now holding only 17,500 shares valued at $909,000.
• Kinetik recently reported earnings of $0.33 per share, which exceeded analysts' expectations, along with 18.7% revenue growth year-over-year.
• The company declared a quarterly dividend of $0.78 per share, resulting in a 7.6% dividend yield, despite a high payout ratio of 421.62%.

Bornite Capital Management LP cut its stake in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 96.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,500 shares of the company's stock after selling 420,500 shares during the period. Kinetik makes up about 0.2% of Bornite Capital Management LP's holdings, making the stock its 26th biggest position. Bornite Capital Management LP's holdings in Kinetik were worth $909,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in KNTK. JPMorgan Chase & Co. raised its holdings in shares of Kinetik by 54.1% during the fourth quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company's stock valued at $13,794,000 after acquiring an additional 85,378 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Kinetik during the fourth quarter valued at approximately $634,000. Resona Asset Management Co. Ltd. acquired a new stake in shares of Kinetik during the fourth quarter valued at approximately $398,000. Wells Fargo & Company MN raised its holdings in shares of Kinetik by 40.6% during the fourth quarter. Wells Fargo & Company MN now owns 33,080 shares of the company's stock valued at $1,876,000 after acquiring an additional 9,560 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Kinetik by 18.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 27,666 shares of the company's stock valued at $1,569,000 after acquiring an additional 4,366 shares during the period. Institutional investors and hedge funds own 21.11% of the company's stock.

Kinetik Stock Down 0.8%

Shares of KNTK opened at $41.19 on Friday. The company's fifty day moving average is $42.85 and its 200-day moving average is $48.20. The firm has a market cap of $6.51 billion, a price-to-earnings ratio of 55.66 and a beta of 3.03. Kinetik Holdings Inc. has a 12 month low of $39.33 and a 12 month high of $67.60.

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

Kinetik Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 7.6%. The ex-dividend date of this dividend was Friday, July 25th. Kinetik's dividend payout ratio is currently 421.62%.

Insider Activity

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the company's stock in a transaction 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 completion of the sale, the insider directly owned 1 shares of the company's stock, valued at approximately $44.16. This represents a 100.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.83% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on KNTK shares. Wall Street Zen lowered shares of Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. Royal Bank Of Canada dropped their price objective on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a research note on Friday, May 30th. Barclays dropped their price objective on shares of Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Monday, July 14th. Scotiabank upped 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. Finally, Citigroup reiterated a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average 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.

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