Kinetik Holdings Inc. $KNTK Shares Purchased by Chickasaw Capital Management LLC

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 raised its stake in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 7.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 670,344 shares of the company's stock after buying an additional 47,956 shares during the period. Kinetik accounts for 1.2% of Chickasaw Capital Management LLC's holdings, making the stock its 14th largest holding. Chickasaw Capital Management LLC owned approximately 0.42% of Kinetik worth $29,529,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in KNTK. Zimmer Partners LP acquired a new stake in Kinetik in the first quarter valued at approximately $102,124,000. HITE Hedge Asset Management LLC acquired a new position in shares of Kinetik during the first quarter worth $18,608,000. Yaupon Capital Management LP acquired a new position in shares of Kinetik during the first quarter worth $10,388,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings 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 valued at $30,645,000 after buying an additional 150,000 shares during the period. Finally, Eagle Global Advisors LLC acquired a new position in Kinetik in the first quarter valued at $6,889,000. Institutional investors and hedge funds own 21.11% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on KNTK shares. Wall Street Zen upgraded shares of Kinetik from a "sell" rating to a "hold" rating in a report on Saturday. Mizuho set a $53.00 price target on shares of Kinetik and gave the company an "outperform" rating in a research note on Friday, August 29th. Zacks Research raised shares of Kinetik from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. Scotiabank reaffirmed an "outperform" rating on shares of Kinetik in a research report on Monday, September 8th. Finally, Barclays dropped their target price 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. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $54.67.

Kinetik Stock Down 2.5%

Shares of NYSE:KNTK traded down $1.10 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 firm's 50-day simple moving average is $41.86 and its two-hundred day simple moving average is $44.23. Kinetik Holdings Inc. has a 1 year low of $39.25 and a 1 year high of $67.60. The firm has a market capitalization of $6.97 billion, a price-to-earnings ratio of 58.20, a P/E/G ratio of 1.09 and a beta of 3.16.

Kinetik (NYSE:KNTK - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.19. Kinetik had a net margin of 8.21% and a negative return on equity of 6.16%. The business's quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.54 earnings per share.

Kinetik Dividend Announcement

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

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.