Burkehill Global Management LP Invests $5.19 Million in Kinetik Holdings Inc. (NYSE:KNTK)

Key Points

• Burkehill Global Management LP invested approximately $5.19 million in Kinetik Holdings Inc., purchasing 100,000 shares during the first quarter, bringing its total ownership to 0.06% of the company.
• Significant sales occurred when major shareholder Isq Global Fund II GP LLC sold 4.26 million shares, representing a 100% decrease in their ownership, with a transaction value of approximately $188 million.
• Kinetik recently announced a quarterly dividend of $0.78 per share, reflecting an annualized yield of 7.6%, despite a high dividend payout ratio of 421.62%.

Burkehill Global Management LP acquired a new position in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 100,000 shares of the company's stock, valued at approximately $5,194,000. Burkehill Global Management LP owned about 0.06% of Kinetik at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Westwood Holdings Group Inc. grew its stake in shares of Kinetik by 78.3% during the fourth quarter. Westwood Holdings Group Inc. now owns 1,083,213 shares of the company's stock worth $61,429,000 after acquiring an additional 475,606 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in shares of Kinetik by 34.1% in the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 590,000 shares of the company's stock worth $30,645,000 after purchasing an additional 150,000 shares during the last quarter. Deutsche Bank AG grew its holdings in Kinetik by 106.8% during the fourth quarter. Deutsche Bank AG now owns 279,279 shares of the company's stock worth $15,838,000 after acquiring an additional 144,226 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Kinetik by 204.4% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 167,035 shares of the company's stock valued at $8,676,000 after acquiring an additional 112,157 shares during the period. Finally, Two Sigma Investments LP lifted its holdings in Kinetik by 34.8% in the fourth quarter. Two Sigma Investments LP now owns 372,650 shares of the company's stock valued at $21,133,000 after acquiring an additional 96,210 shares during the period. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the business's 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 directly owned 1 shares in the company, valued at approximately $44.16. The trade was a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.83% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on the company. Mizuho dropped their price objective on Kinetik from $61.00 to $57.00 and set an "outperform" rating on the stock in a report on Tuesday, July 15th. Royal Bank Of Canada lowered their price objective on Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a research note on Friday, May 30th. Citigroup reissued a "buy" rating on shares of Kinetik in a research note on Tuesday, June 10th. UBS Group began coverage on Kinetik in a report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price target for the company. Finally, Barclays decreased their target price on Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Monday, July 14th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $55.56.

Kinetik Price Performance

Shares of KNTK stock traded up $0.31 during midday trading on Tuesday, hitting $41.01. The company had a trading volume of 38,970 shares, compared to its average volume of 1,034,380. The company's 50 day simple moving average is $42.77 and its 200 day simple moving average is $47.90. Kinetik Holdings Inc. has a 52-week low of $39.33 and a 52-week high of $67.60. The stock has a market cap of $6.48 billion, a price-to-earnings ratio of 55.42 and a beta of 3.03.

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

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, July 25th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 7.6%. The ex-dividend date was Friday, July 25th. Kinetik's payout ratio is presently 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.