Connor Clark & Lunn Investment Management Ltd. grew its position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 204.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 167,035 shares of the company's stock after purchasing an additional 112,157 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.11% of Kinetik worth $8,676,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Wells Fargo & Company MN grew its stake in shares of Kinetik by 40.6% in the fourth quarter. Wells Fargo & Company MN now owns 33,080 shares of the company's stock worth $1,876,000 after acquiring an additional 9,560 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Kinetik by 18.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 27,666 shares of the company's stock worth $1,569,000 after buying an additional 4,366 shares in the last quarter. Invesco Ltd. boosted its stake in Kinetik by 3.0% during the fourth quarter. Invesco Ltd. now owns 1,247,843 shares of the company's stock worth $70,765,000 after buying an additional 36,362 shares in the last quarter. Legal & General Group Plc boosted its stake in Kinetik by 13.5% during the fourth quarter. Legal & General Group Plc now owns 42,201 shares of the company's stock worth $2,393,000 after buying an additional 5,034 shares in the last quarter. Finally, FIL Ltd acquired a new stake in Kinetik during the fourth quarter worth $3,004,000. Institutional investors own 21.11% of the company's stock.
Insider Activity
In related news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the transaction, the insider directly owned 1 shares in the company, valued at approximately $44.16. The trade was a 100.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.83% of the company's stock.
Kinetik Stock Down 2.3%
Shares of KNTK traded down $0.96 on Thursday, hitting $40.98. The company's stock had a trading volume of 721,493 shares, compared to its average volume of 1,035,781. The firm's fifty day moving average price is $42.61 and its 200-day moving average price is $47.82. Kinetik Holdings Inc. has a fifty-two week low of $39.33 and a fifty-two week high of $67.60. The firm has a market capitalization of $6.47 billion, a price-to-earnings ratio of 55.38 and a beta of 3.03.
Kinetik (NYSE:KNTK - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, beating 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%. During the same period last year, the firm posted $0.54 earnings per share. Kinetik's revenue was up 18.7% compared to the same quarter last year.
Kinetik Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Friday, July 25th were given a $0.78 dividend. The ex-dividend date was Friday, July 25th. This represents a $3.12 annualized dividend and a dividend yield of 7.6%. Kinetik's payout ratio is currently 421.62%.
Analyst Ratings Changes
A number of research firms have weighed in on KNTK. Mizuho decreased their price target on shares of Kinetik from $61.00 to $57.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 15th. Scotiabank reaffirmed an "outperform" rating on shares of Kinetik in a report on Thursday. Royal Bank Of Canada dropped their price objective on Kinetik from $57.00 to $55.00 and set an "outperform" rating for the company in a report on Friday, May 30th. Wall Street Zen cut Kinetik from a "hold" rating to a "sell" rating in a report on Tuesday, June 17th. Finally, UBS Group started coverage on Kinetik in a report on Tuesday, April 29th. They set a "neutral" rating and a $49.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $55.33.
Check Out Our Latest Report on KNTK
About Kinetik
(
Free Report)
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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