Cetera Investment Advisers Boosts Position in Kinetik Holdings Inc. $KNTK

Key Points

• Cetera Investment Advisers increased its stake in Kinetik Holdings Inc. by 147.8% in Q1, owning 13,183 shares valued at approximately $685,000.
• Analyst ratings for Kinetik are varied, with one sell rating, three holds, and six buy ratings, resulting in a consensus rating of "Moderate Buy" and a price target of $55.33.
• Kinetik recently reported $0.33 earnings per share, surpassing expectations, and declared a quarterly dividend of $0.78, equating to an annualized yield of 7.6%.

Cetera Investment Advisers boosted its holdings in shares of Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 147.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,183 shares of the company's stock after buying an additional 7,862 shares during the period. Cetera Investment Advisers' holdings in Kinetik were worth $685,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Westwood Holdings Group Inc. boosted its holdings 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 worth $61,429,000 after purchasing an additional 475,606 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in 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 buying an additional 150,000 shares in the last quarter. Deutsche Bank AG boosted its stake in Kinetik by 106.8% in the fourth quarter. Deutsche Bank AG now owns 279,279 shares of the company's stock worth $15,838,000 after buying an additional 144,226 shares in the last quarter. Two Sigma Investments LP grew its position in Kinetik by 34.8% during 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 last quarter. Finally, Tiptree Advisors LLC purchased a new position in shares of Kinetik during the fourth quarter worth approximately $5,387,000. 21.11% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Kinetik 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 directly owned 1 shares in the company, valued at approximately $44.16. This trade represents a 100.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.83% of the stock is currently owned by insiders.

Kinetik Stock Performance

Shares of KNTK traded up $0.11 during mid-day trading on Tuesday, reaching $40.12. The company had a trading volume of 57,271 shares, compared to its average volume of 1,024,067. Kinetik Holdings Inc. has a 52 week low of $39.33 and a 52 week high of $67.60. The company has a market capitalization of $6.50 billion, a price-to-earnings ratio of 54.22 and a beta of 3.03. The firm has a 50-day moving average price of $42.42 and a 200 day moving average price of $47.10.

Kinetik (NYSE:KNTK - Get Free Report) last posted its quarterly earnings results 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 negative return on equity of 6.16% and a net margin of 8.21%. The company's revenue was up 18.7% compared to the same quarter last year. During the same period last year, the firm posted $0.54 earnings per share.

Kinetik Dividend Announcement

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 $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 7.8%. The ex-dividend date was Friday, July 25th. Kinetik's payout ratio is presently 421.62%.

Analyst Ratings Changes

KNTK has been the topic of several recent research reports. UBS Group began coverage on shares of Kinetik in a report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 target price on the stock. Royal Bank Of Canada decreased their price objective on Kinetik from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Barclays cut their target price on shares of Kinetik from $49.00 to $43.00 and set an "equal weight" rating on the stock in a report on Monday, July 14th. Zacks Research upgraded Kinetik from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Finally, Mizuho reduced 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, July 15th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $55.33.

Kinetik Profile

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.