Chickasaw Capital Management LLC Acquires 47,956 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• Chickasaw Capital Management LLC increased its stake in Kinetik Holdings Inc. by 7.7%, acquiring an additional 47,956 shares, bringing its total to 670,344 shares, which is 1.2% of its holdings.
• Kinetik recently reported quarterly earnings of $0.33 per share, exceeding analysts' estimates by $0.19, although it experienced a decline compared to $0.54 in the same period last year.
• The company announced a quarterly dividend of $0.78, with an annualized yield of 7.1%, despite having a high dividend payout ratio of 421.62%.

Chickasaw Capital Management LLC boosted its position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 7.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 670,344 shares of the company's stock after acquiring an additional 47,956 shares during the quarter. Kinetik accounts for approximately 1.2% of Chickasaw Capital Management LLC's portfolio, making the stock its 14th largest holding. Chickasaw Capital Management LLC owned about 0.42% of Kinetik worth $29,529,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Bell Investment Advisors Inc bought a new position in shares of Kinetik during the first quarter valued at about $41,000. Nisa Investment Advisors LLC grew its stake in shares of Kinetik by 141.6% during the first quarter. Nisa Investment Advisors LLC now owns 1,133 shares of the company's stock valued at $59,000 after buying an additional 664 shares during the last quarter. Rossby Financial LCC bought a new position in shares of Kinetik during the first quarter valued at about $78,000. Comerica Bank grew its stake in shares of Kinetik by 91.5% in the first quarter. Comerica Bank now owns 1,532 shares of the company's stock worth $80,000 after purchasing an additional 732 shares during the last quarter. Finally, Strs Ohio bought a new stake in shares of Kinetik in the first quarter worth about $93,000. Institutional investors own 21.11% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on KNTK shares. Royal Bank Of Canada lowered their price objective on shares of Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a report 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 for the company in a report on Monday, July 14th. Wall Street Zen raised shares of Kinetik from a "sell" rating to a "hold" rating in a report on Saturday. Citigroup reissued a "buy" rating on shares of Kinetik in a research report on Tuesday, June 10th. Finally, Zacks Research raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Kinetik has an average rating of "Moderate Buy" and a consensus price target of $54.67.

Kinetik Price Performance

KNTK traded down $1.10 during trading on Friday, hitting $43.07. The company had a trading volume of 2,741,135 shares, compared to its average volume of 1,529,415. The company has a market cap of $6.97 billion, a PE ratio of 58.20, a P/E/G ratio of 1.06 and a beta of 3.16. The business has a 50-day moving average of $41.86 and a 200-day moving average of $44.16. Kinetik Holdings Inc. has a 1-year low of $39.25 and a 1-year high of $67.60.

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

Kinetik Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Friday, July 25th were paid a $0.78 dividend. The ex-dividend date of this dividend 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%.

Kinetik Company 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.