Credit Agricole S A Buys 15,303 Shares of Kinetik Holdings Inc. $KNTK

Key Points

• Credit Agricole S A increased its stake in Kinetik Holdings Inc. by 59.5%, acquiring an additional 15,303 shares and raising its total holdings to 41,033 shares valued at approximately $2.13 million.
• Kinetik recently reported $0.33 earnings per share (EPS), beating analysts' expectations and showing an overall revenue increase of 18.7% year-over-year.
• The company declared a quarterly dividend of $0.78 per share, yielding 7.7%, despite a notably high payout ratio of 421.62%.

Credit Agricole S A raised its position in Kinetik Holdings Inc. (NYSE:KNTK - Free Report) by 59.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 41,033 shares of the company's stock after acquiring an additional 15,303 shares during the period. Credit Agricole S A's holdings in Kinetik were worth $2,131,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in KNTK. Wells Fargo & Company MN raised its holdings in Kinetik by 40.6% in the 4th quarter. Wells Fargo & Company MN now owns 33,080 shares of the company's stock valued at $1,876,000 after acquiring an additional 9,560 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Kinetik by 18.7% in the 4th 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. First Trust Advisors LP raised its holdings in shares of Kinetik by 4.2% in the 4th quarter. First Trust Advisors LP now owns 139,833 shares of the company's stock worth $7,930,000 after buying an additional 5,584 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Kinetik by 7.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 629,326 shares of the company's stock worth $35,689,000 after buying an additional 43,629 shares in the last quarter. Finally, MetLife Investment Management LLC raised its holdings in shares of Kinetik by 5.7% in the 4th quarter. MetLife Investment Management LLC now owns 23,373 shares of the company's stock worth $1,325,000 after buying an additional 1,260 shares in the last quarter. Institutional investors and hedge funds own 21.11% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on KNTK. Citigroup reissued a "buy" rating on shares of Kinetik in a report on Tuesday, June 10th. Mizuho dropped their target price on Kinetik from $61.00 to $57.00 and set an "outperform" rating for the company in a report on Tuesday, July 15th. Barclays dropped their target price on Kinetik from $49.00 to $43.00 and set an "equal weight" rating for the company in a report on Monday, July 14th. Zacks Research upgraded Kinetik from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. Finally, Wall Street Zen lowered Kinetik from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $55.33.

Kinetik Stock Performance

KNTK traded up $0.60 during mid-day trading on Thursday, reaching $42.49. The stock had a trading volume of 665,650 shares, compared to its average volume of 1,030,367. The stock has a market capitalization of $6.88 billion, a P/E ratio of 57.42 and a beta of 3.03. The firm's fifty day simple moving average is $41.98 and its two-hundred day simple moving average is $46.22. Kinetik Holdings Inc. has a 52 week low of $39.25 and a 52 week high of $67.60.

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

Kinetik Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Friday, July 25th were given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 7.3%. The ex-dividend date was Friday, July 25th. Kinetik's dividend payout ratio (DPR) is presently 421.62%.

Insider Buying and Selling

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 value of $188,213,894.40. Following the transaction, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.83% of the company's stock.

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.