BROOKFIELD Corp ON Sells 8,863 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• BROOKFIELD Corp ON has reduced its stake in Kinetik Holdings Inc by 72.7%, selling 8,863 shares and now owning 3,322 shares valued at $173,000.
• Kinetik recently reported $0.33 EPS for the last quarter, exceeding the consensus estimate of $0.14, with an 18.7% revenue increase compared to the previous year.
• The company's latest quarterly dividend was $0.78, translating to a 7.2% annual yield, although it has a high payout ratio of 421.62%.

BROOKFIELD Corp ON decreased its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 72.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,322 shares of the company's stock after selling 8,863 shares during the period. BROOKFIELD Corp ON's holdings in Kinetik were worth $173,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Bell Investment Advisors Inc bought a new stake in Kinetik during the first quarter valued at $41,000. Comerica Bank lifted its stake in Kinetik by 32.2% during the fourth quarter. Comerica Bank now owns 800 shares of the company's stock worth $45,000 after purchasing an additional 195 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in Kinetik by 141.6% during the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock worth $59,000 after purchasing an additional 664 shares during the last quarter. Rossby Financial LCC bought a new stake in Kinetik during the first quarter worth about $78,000. Finally, Strs Ohio bought a new stake in Kinetik during the first quarter worth about $93,000. Institutional investors own 21.11% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on KNTK shares. Citigroup reaffirmed a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. Wall Street Zen lowered Kinetik from a "hold" rating to a "sell" rating in a research note on Tuesday, June 17th. Mizuho set a $53.00 price target on Kinetik and gave the stock an "outperform" rating in a research note on Friday, August 29th. Royal Bank Of Canada dropped their price target on Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Kinetik in a research note on Monday. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $54.67.

Kinetik Trading Up 2.9%

KNTK opened at $43.24 on Friday. The company has a market cap of $7.00 billion, a P/E ratio of 58.43 and a beta of 3.16. The business's 50-day moving average price is $41.74 and its 200-day moving average price is $44.79. Kinetik Holdings Inc. has a 12 month low of $39.25 and a 12 month high of $67.60.

Kinetik (NYSE:KNTK - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.14 by $0.19. Kinetik had a negative return on equity of 6.16% and a net margin of 8.21%.The business's revenue for the quarter was up 18.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.54 EPS.

Kinetik Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were issued a $0.78 dividend. The ex-dividend date was Friday, July 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.2%. Kinetik's payout ratio is currently 421.62%.

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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